Like the overwhelming majority of seniors, my 93-year-old mother and 85-year-old mother-in-law take daily prescription drugs. Happily, both are healthy, with annual out-of-pocket prescription drug costs under $1,000 a year. But for 1.2 million seniors, out-of-pocket drug costs exceed $2,000 a year, averaging $3,216 in 2019. And for the many older folks taking expensive oral cancer medications, the out-of-pocket expense averages over $10,000 annually. Keep in mind that the median annual income for Medicare recipients is $26,000.
By capping out-of pocket prescription drug costs at $2,000 per year, the Inflation Reduction Act of 2022 (House Resolution 5376) will be life-changing for many seniors. Allowing Medicare to negotiate prescription drug prices with drug manufacturers (a small number initially, increasing over time) will save seniors and taxpayers money. As a bonus, the bill invests $300 billion in deficit reduction and $369 billion in energy security and climate change programs.
Of course, only Democrats plan to vote for HR 5376. So, on Nov. 8, I will only vote for Democrats. Why would I vote against my mom and millions of Medicare recipients?
Nathaniel Myers
Fox Chapel