Reducing Prescription Drug Prices for Seniors
LAS VEGAS, Nev. (FOX5) – Americans have paid more for prescriptions drugs than any major economy in the world. Now, the government is negotiating with drug companies to bring down prices for seniors.
At Roseman University in Henderson, Senator Jacky Rosen met with seniors Tuesday about the impact of reducing drug prices. There has already been a huge change for seniors on Medicare who need insulin. Earlier this year, the price per month was capped at $35 per month under the Inflation Reduction Act. Senator Rosen wants who and what is covered expanded.
“Over a quarter million people in Nevada that we know of are insulin dependent diabetics, some of them paying $400-500 a month for their insulin,” Rosen revealed. Rosen is now sponsoring legislation to reduce the cost of the life-saving drug for all.
“I am a co-sponsor of the Insulin Act which is going to bring that $35 insulin to everyone in the country,” Rosen shared.
High Prescription Costs: A National Concern
Since first running for Congress in 2016, Rosen constantly gets the same question.
“Why are my prescription prices so high? I have the choose between my rent or my food,” Rosen recounted.
“You always go to sleep wondering what if I live too long? What if we outlive our money?,” questioned Margy Feldman whose husband was diagnosed with a rare cancer and prescribed oral chemo.
“We then got a call from a drug company that this $11,000 a month pill is going to cost us $3,000 a month…They said, ‘Is this a hardship?’ I can’t imagine a $3,000 a month bill wouldn’t be a hardship on most people…My husband was ready to just say forget about it. I won’t take the drug. I’ll die,” Feldman explained.
Feldman became her husband’s advocate fighting on the phone for hours, eventually getting the drug company to waive the cost through financial aid.
“It was then explained to us that they didn’t mind us not co-paying because they were still getting from the insurance company, and we have excellent insurance the top insurance you can get, $8,000 a month,” Feldman reported.
“I take approximately 10 medications,” David Berman stated. Berman takes 10 drugs daily for conditions including hypertension and diabetes.
“When you have to pay for the high cost of drugs, you wake up in the morning and you think about this,” Berman revealed.
Since the price of insulin was capped for seniors on Medicare, Berman says it is money he can now spend on other things like gas and groceries.
“When the new cap on insulin prices came in in January, my cost for insulin was literally cut in half…It made a big difference,” Berman contended.
Biden Administration’s Efforts
In addition to insulin, the Biden Administration is currently in the process of negotiating down the prices of ten drugs commonly used by seniors.
Here is a list of those drugs: U.S. Department of Health and Human Services
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Read More of this Story at www.fox5vegas.com – 2023-10-11 05:04:00
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