The start of 2023, saw new legislation enacted. According to Medicare.gov, the “law improves access to affordable treatments and strengthens the Medicare program.”

This legislation enabled Medicare to negotiate directly with manufacturers of pharmaceuticals as part of a Prescription Drug Law. In theory, this is all about saving consumers money.

Noting higher drug costs overall, and inflation affecting prices in general, Medicare aims to put help in the pockets of people who need it by saving them money on health care and prescription drugs.

More Vaccines Covered

People with Medicare have more options for zero co-pay vaccines.

Lower Insulin Costs

Both Part D and Part B Medicare Plans include caps for insulin supplies and durable medical equipment. Insulin rates for both are capped at $35/month, or no more than $105 for a three month supply.

Lower Out-of-Pocket Drug Costs

With drugs that have increased in price at a rate higher than inflation, certain coinsurance rates should actually be cheaper.

Drug costs that reach the Catastrophic Coverage phase no longer have to pay a copayment as of 2024.

Negotiations for Lower Drug Costs

Effective in 2026, ten name brand prescription drugs that Medicare has been negotiating lower prices for will be available through both Part D and Part B Prescription Drug Plans.

That first round effecting 2026 includes:

• Eliquis
• Jardiance
• Xarelto
• Januvia
• Farxiga
• Entresto
• Enbrel
• Imbruvica
• Stelara
• Fiasp; Fiasp FlexTouch; Fiasp PenFill; NovoLog; NovoLog FlexPen; NovoLog PenFill

Other name brand drugs are planned to be included in coming years at these lower rates.