The Inflation Reduction Act capped the monthly price of insulin at $35 for Medicare enrollees starting in 2023.
But Biden overstated the average monthly cost that Medicare beneficiaries were paying before the law. "It would be more accurate to say that it could cost people on Medicare over $400 for a month of insulin, but the average cost would have been quite a bit lower than $400 on Medicare," said Stacie Dusetzina, a health policy professor at Vanderbilt University School of Medicine., also called the Medicare prescription drug benefit, helps beneficiaries pay for self-administered prescriptions.
"Because the Medicare program has multiple instances where the patient is required to pay a coinsurance to get their drug, it is very likely that patients were paying much more than $35 per month, on average, before the cap established by the Inflation Reduction Act went into effect," Socal wrote in an email., U.S. Health and Human Services department researchers estimated that about 37% of insulin fills for Medicare enrollees cost patients more than $35, and 24% of fills exceeded $70.
Research has shown that patients with private insurance or Medicare often paid more than $35 a month for their insulin, sometimes much more, but not as high as the $400 average Biden cited.FACT SHEET: President Biden’s Cap on the Cost of Insulin Could Benefit Millions of Americans in All 50 States If you went “anywhere in the world,” you could get a prescription filled for 40% to 60% less than it costs in the U.S.
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