The Affordable Insulin Now Act, which took effect on Jan. 1, caps insulin costs at $35 for seniors on Medicare. The U.S. Department of Health and Human Services (HHS) released a report on Jan. 24 outlining “the major savings.”
If the provision, which is part of the Inflation Reduction Act signed into law by President Joe Biden last August, had been in place in 2020, 1.5 million seniors in the United States would have saved an average of $500 on insulin that year, the HHS report indicated.
“Through the Inflation Reduction Act—the most consequential health care law since the Affordable Care Act—President Biden is delivering on his promise to lower prescription drug costs, make health insurance more affordable, and make the economy work for working families,” according to an HHS statement….