Like millions of Americans on Medicare, Arizona resident Carol Brown spends more than $2,000 annually on prescription drug costs. But soon, she will save thousands on prescription drugs because of the Inflation Reduction Act.
Carol was diagnosed with severe asthma when she was 17 months old. Throughout her life, she has been hospitalized 22 times due to her condition—17 of which were before the age of 5. Prescription drugs are necessary in order to keep Carol alive and healthy. But these drugs come at a staggering cost. While on private insurance, she regularly spent $3,000 out of pocket on prescription costs. Since enrolling in Medicare, her costs have remained high. By year’s end, she will have spent $7,000 on prescription drugs. Recently, Carol was prescribed a biologic that carried an annual list price of $74,000. She is excited for the prescription drug provisions in the Inflation Reduction Act, which will save her thousands of dollars each year on health care costs.
Every year, health care takes up most of my budget—it's more than rent, more than food, more than just about anything. I was ecstatic when I heard that President Biden signed the Inflation Reduction Act. I will save around $5,000 each year. I’m over the moon that seniors will finally have relief from high prescription costs.
The Inflation Reduction Act caps out-of-pocket spending on prescriptions at $2,000 per year for Americans on Medicare. The historic prescription drug price reforms finally hold Big Pharma accountable and deliver thousands of dollars in savings for everyday Americans.
Read more on how laws passed under Biden have helped Americans
This collection features stories from Americans across the country whose lives and communities have benefited from the legislative and executive actions passed under the Biden administration.