Lower prescription drug prices will soon be available to those who have Medicare

There is officially a new way that people with Medicare can get some of their prescription drugs for a low price.

“It’s really important if you’re a senior, that’s just a number one priority to cut costs,” said Wisconsin resident Kathi Jensen.

On Tuesday, U.S. Senator Amy Klobuchar (D-MN) announced new low prices for prescription drugs subject to Medicare. It’s a part of her legislation to lift an almost 20-year ban.

“We live in a retirement community, and we know a lot of people our age that are on Social Security; I think it’s with the economy and everything the way it is. Prescription drugs have been extremely high, and anything the government can do to negotiate prices to get those lifesaving drugs down,” said Northlander Dave Peterson.

The Biden Administration released the ten medications that will be subjected to price negotiations with Medicare as part of the Inflation Reduction Act. This is only the first step in identifying cost-effective ways to save on certain medications.

Those ten medications are: Eliquis, Jardiance, Xarelto, Januvia, Farxiga, Entresto, Enbrel, Imbruvica, and Stelara, as well as Fiasp and certain other insulins made by Novo Nordisk, including NovoLog.

Peterson continues to express his outlook on how these benefits can help those who have Medicare. “People are on Medicare because they are in a lower financial bracket; anything that can help them make life work is worth it. I think the prescription drugs, yes, have been too expensive. We’ve experienced a little of that with just a few things we needed and shopped around; they need to be lower prices”

With the cost of prescription drugs being so expensive, people are talking about saving by getting their medication outside of the United States and through cost-saving websites.

When changing medications, it’s important to think about how that switch can affect the body and any side effects that may develop.

“If one is working, Yes, find a lower price for it. Should we just switch because the other one is covered? You never know what if one is working, you want that one at a lower price,” Peterson shared.

The price cuts won’t happen immediately because the negotiations are starting this year and continue into next year. The new prices should take effect in 2026.