As the Inflation Reduction Act theme weeks come to a close, Protect Our Care is highlighting how the legislation will help patients with serious diseases like Parkinson’s Disease. The Inflation Reduction Act will drastically reduce the cost of prescription drugs for Americans enrolled in Medicare’s Part D drug benefit by allowing Medicare to negotiate drug prices, preventing drug companies from raising prices faster than the rate of inflation, and capping out-of-pocket spending on drugs to $2,000 a year for Medicare beneficiaries. This bill also extends enhanced American Care Act subsidies to allow more Americans to afford coverage, reducing racial, income, and geographic disparities in health care and saving lives. Nearly a million Americans with Parkinson’s will feel the direct financial impacts of affordable prescription drugs and health insurance from this bill.
By The Numbers:
- Premium tax credits extended in the Inflation Reduction Act will allow 13 million people with pre-existing conditions, including Parkinson’s, to save money on their insurance.
- Medications for Parkinson’s costs an average $14,177 per year, according to a 2021 study.
- An estimated 90 percent of people with Parkinson’s receive Medicare benefits costing $23 billion.
- Roughly 60,000 Americans suffer from Parkinson’s disease.
The Inflation Reduction Act Lowers Health Care Costs
Out-Of-Pocket Spending Caps On Prescription Drugs Benefits Parkinson’s Patients. Medicare beneficiaries with serious conditions like multiple sclerosis, cancer, and rheumatoid arthritis could save thousands of dollars under the Inflation Reduction Act. In 2025, out-of-pocket costs for prescription drugs will be capped at $2,000 per year for medications covered by Medicare Part D; directly lowering costs for the more than 1.4 million enrollees who paid more than $2,000 on medication in 2020. A quarter of American adults have not filled a prescription, cutting pills in half, or skipped doses due to the cost of medication. Cost of Parkinson’s medications has caused patients to avoid taking their prescriptions or cut doses which can lead to worsening symptoms of the disease.
Extending Premium Subsidies Saves Lives. The Inflation Reduction Act extends enhanced premium subsidies through the end of 2025. Right now, nearly 13 million people, or 89 percent with an ACA plan, are receiving enhanced premium tax credits, making their coverage affordable and accessible. After two years of these subsidies, the Department of Health and Human Services released an analysis showing that just 8 percent of Americans lacked health insurance at the beginning of 2022 — an all-time low for the nation.
Gives Medicare The Power To Negotiate Lower Drug Prices. Under the Inflation Reduction Act, Medicare will be empowered to negotiate prices for select drugs for Medicare Part D’s 49 million beneficiaries. Beginning in 2026, 10 drugs will be negotiated with that number increasing to 15 drugs in 2027, and 20 drugs in 2029 and into the future. By 2030, more than 80 drugs will be eligible for Medicare price negotiation, in addition to insulin products. With 90 percent of people with Parkinson’s obtaining their health care through Medicare, drug price negotiation will largely benefit most Americans with this disease.
Minorities Suffer From Symptoms Of Parkinson’s More Than White People. Black Americans have greater Parkinson’s severity and disability than their white counterparts. This is most likely due to delayed diagnosis, lack of access to care, economic factors, and lack of referrals to specialists. There is little research on the prevalence of Parkinson’s in minority communities due to the socioeconomic factors of getting patients to receive proper care and to take part in research trials.