Article Summary –
US Rep. Terri Sewell (AL-07) hosted a Seniors Resource Roundtable in Alabama, highlighting benefits of the Inflation Reduction Act (IRA) for seniors, such as reduced healthcare and prescription drug costs. The IRA, which was passed with Sewell’s support and signed by President Biden in 2022, introduces a $35 per month insulin price cap benefiting over 29,000 Alabama seniors, leading to insulin manufacturers reducing their prices by up to 75%. The IRA also caps annual out-of-pocket prescription drug costs for Medicare beneficiaries at $2,000 from 2025 and allows Medicare to negotiate lower drug prices.
Seniors Resource Roundtable in Alabama’s 7th Congressional District
U.S. Rep. Terri Sewell (AL-07) held a Seniors Resource Roundtable in Linden, Alabama. The event featured representatives from AARP, the Social Security Administration, the Rural Health Medical Program, and the Alabama Tombigbee Regional Area on Aging, offering valuable information to seniors. Rep. Sewell emphasized the benefits of the Inflation Reduction Act in reducing healthcare and prescription drug costs for many Alabama seniors and her dedication to safeguarding Social Security and Medicare.
A Fight for Affordable Healthcare for Seniors
“The goal of this roundtable is to ensure every senior can retire with dignity,” mentioned Rep. Sewell. “We owe it to our seniors, who’ve contributed immensely to our communities, to provide affordable resources and care. This is something both I and President Biden understand, hence, prioritizing seniors’ needs.”
Impact of the Inflation Reduction Act
With Rep. Sewell’s backing, the Inflation Reduction Act (IRA) obtained Congressional approval and President Biden’s signature in 2022. Thanks to the IRA, insulin costs are no longer a financial burden for Alabama seniors. Over 29,000 seniors, including 3,800 in District 7, save about $400 yearly due to the $35 monthly insulin price cap, a drastic change from the 2020 rates. Consequently, the three main insulin manufacturers cut their prices by up to 75%.
Other Benefits of the Inflation Reduction Act
The IRA further limits out-of-pocket prescription drug expenses for Medicare beneficiaries to $2,000 per year starting 2025 and initiates Medicare power to negotiate lower drug prices, offering seniors better deals.
Protection of Programs Supporting Seniors
“No senior should have to choose between basic necessities and life-saving medication. That’s why these savings matter. I will continue to protect programs like Social Security and Medicare, which are lifelines for our seniors,” added Sewell. More details on how the Inflation Reduction Act saves costs in Alabama’s 7th Congressional District can be found here.
—
Read More Kitchen Table News
