U.S. Sen. Angus King says Mainers enrolled in Medicare Part D will see price reductions on ten commonly prescribed medicines.
The cuts, which will be realized in two years, are the result of a provision in the Inflation Reduction Act that allows Medicare to negotiate volume discounts on medications.
King says Maine Medicare recipients will also benefit from two other provisions in the law.
"One is a cap of $2,000 a year for a Medicaid beneficiary for drugs," he says. "Many are paying $4,000 or $5,000 a year. The other is a cap on the cost of insulin of $35 a month."
King says the significant price reductions are long overdue.
"It's going to save Medicare $6 billion a year and it's going to save Medicare recipients $1.5 billion a year in out-of-pocket costs for these drugs," he says. "It's a real win-win for the taxpayers of this country and a win-win for Medicare recipients."