Black and Latino seniors to see exorbitant prescription drug costs drop thanks to new US bill

By Edwin Rios, The Guardian

Bill will be ‘life-changing’ for millions, especially Black and Latino seniors who disproportionately suffer from chronic diseases

Millions of older American could benefit from provisions in the new climate and healthcare spending package that lower prescription drug costs. For Black and Latino seniors, who disproportionately suffer from chronic diseases and struggle with high costs, the package, if passed and signed by Joe Biden, could be especially life-changing.

The Inflation Reduction Act, which the US House is expected to pass on Friday, would give Medicare the power to negotiate prices with pharmaceutical companies for up to 10 drugs starting in 2026. But other provisions could make the annual out-of-pocket costs for US seniors more affordable, which could disproportionately help low-income Americans and Black and Latino seniors on Medicare, who are up to twice as likely to struggle with paying for medication as white Americans.

“This is a population that’s more likely to live with certain diseases that are often treated with expensive medications. It’s also a population with relatively limited income and assets,” says Tricia Neuman, executive director of the Kaiser Family Foundation’s Program on Medicare Policy. “It’s a double whammy that makes Black and Latino beneficiaries more vulnerable but also puts them in a place where they’re likely to be helped by the provisions.”

The legislative package, lauded for its sweeping $369bn investment toward addressing climate change, would include a $2,000 annual cap on drug costs for seniors and a monthly cap of $35 for insulin. The spending bill would also eliminate the cost of vaccines for seniors and a three-year extension of federal subsidies for lower-income Americans who buy private insurance through the Affordable Care Act, helping up to 15 million Americans.

Learn more about this legislation to curb inflation.

Drug prices are just one form of medical inequality experienced by Americans of color. Black Americans may not have access to stroke centers, even if they live nearby.

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