Summary:
I was diagnosed with leukemia in 2019. My leukemia is considered a more aggressive type, but I am very lucky that there are new medications that make my type of leukemia less threatening. I take a pill twice a day, every day, and that medication is keeping me alive. It is sobering to realize that the best medication for my type of leukemia costs $13,500 to $14,500 each month. Because the cost of my medication is so high, I am eligible for Medicare Stage 4 Catastrophic Coverage.
Last year alone, I paid $12,000 for my medication. However, this year has brought unexpected savings, thanks to President Biden and Vice President Harris's lower cost prescription drug law, the Inflation Reduction Act. Thanks to the law, some Medicare patients with high drug costs like me will benefit from a new out-of-pocket cap on their drug costs. In 2024, my out-of-pocket expenses will be only about $3,300 —a huge difference from the previous cost of $12,000. The $9,000 in savings has allowed me to use the money in other ways, including helping my daughter set up her own commercial kitchen for her catering business and spending more time with my grandchildren.
The peace of mind that comes with knowing our health care costs are manageable is truly invaluable. Starting in 2025, my yearly out-of-pocket costs on Medicare Part D drugs will be capped at $2,000. My story is just one example of how the Inflation Reduction Act can help people. President Biden’s lower cost prescription drug law is expected to save $24 million for 117,000+ people with Medicare prescription drug coverage in West Virginia, thanks to 2024 policies limiting Part D out-of-pocket costs.
If you or someone you know is navigating the complexities of Medicare and high Part D drug costs, I encourage you to explore how this new drug law could provide relief. Together, we can create a future where healthcare is more accessible and affordable for all. To learn more about how these changes are positively affecting individuals like me, visit LowerDrugCosts.gov. You can also contact your local State Health Insurance Assistance Program (SHIP) at shiphelp.org or call 1-877-839-2675 to get free personalized health insurance counseling.
