A similar law takes affect in Maryland on Jan. 1st, 2023.
Insulin & Syringe (Stock Photo)
Baltimore, Md (KM) Some relief is on the way for persons with diabetes who have been have trouble paying for their insulin. Beginning on January 1st, 2023, there will be a $35 cap on the cost of insulin for those who are Medicare. “After that, if you’re on Medicare in Maryland or anywhere in America, no more than $35 a month for your insulin co-pays. And that’s going to be a big help for a lot of people who’ve paid a lot more,” says Vinnie DeMarco, the President of the Maryland Health Care for All Coalition.
This $35 cap on insulin is part of the Inflation Reduction Act passed by Congress and signed into law by President Biden..
He also says a similar law will take affect in Maryland on the first day of 2023. “There’s a cap of $30 per month on anyone who is on commercial insurance in Maryland and not on Medicare on how much they pay for insulin,” says DeMarco. That legislation was passed by the General Assembly in 2022.
DeMarco says insulin is desperately needed by persons who are diabetic. “It’s so absolutely unconscionable that people have to pay so much for drugs that’s been around so many years and doesn’t cost so much to make. But people are still being price gouged, and that’s gotta stop,” he says.
As part of the Inflation Reduction Act, persons on Medicare will have a $2,000 cap on out of pocket costs for prescription drugs beginning in 2025. . Also in 2025, Medicare will be able to negotiate with pharmaceutical companies on the costs of prescription drugs for patients. DeMarco calls that “a big, big win.”
“Drugs don’t work if people can’t afford them,” says DeMarco. “And nationally and in Maryland, we’re starting to make sure people can afford their drugs.”
Anyone who wants more information on these new developments regarding insulin and prescription drugs can go on line to healthcareforall.com.
By Kevin McManus