Page 14 avvya yavvy eniiooravvy S iorn or vvy io iori by Jim Miller How the Inflation Reduction Act Will Lower Your Drug Costs Dear Savvy Senior, What kind of changes can Medicare benefi ciaries expect to see in the Infl ation Reduction Act that was recently signed into law? I’m enrolled in original Medicare and have a Part D prescription drug plan but spent more than $6,000 out-of-pocket last year on medications alone. Overpaying Paul Dear Paul, The climate, tax and health care bill known as the Infl ation Reduction Act that was passed by Congress and signed into law by President Biden last month includes signifi cant improvements to the Medicare program that will kick-in over the next few years. These changes will lower prescription drug prices for millions of seniors by allowing the government to negotiate drug prices for the fi rst time and capping seniors’ out-of-pocket drug costs at $2,000 annually. Some other popular changes will include free vaccinations, lower insulin costs and expanded subsidies for lower income seniors. Here is a breakdown of the changes to expect in Medicare and when they will roll out. 2023: Starting this January, all vaccines covered under Medicare Part D, including the shingles vaccine, will be free to benefi ciaries. And the skyrocketing cost of insulin will be capped at $35 per month. This will be a signifi cant saving for the more than 3 million Medicare enrollees who currently use insulin to control their diabetes. Also starting next year, drug makers will be penalized in the form of “rebates” that they would be forced to pay to the government if they impose price increases that exceed general infl ation. 2024: Cost sharing for catastrophic coverage in Part D will be eliminated. Under the current Part D benefi t, once your out-ofpocket costs reach $7,050 in 2022, you enter “catastrophic” coverage but are still responsible for 5 percent of your prescription drug costs, with no limit. But in 2024, people with Part D coverage will no longer be responsible for any out-of-pocket drug costs once they enter catastrophic coverage. This is signifi cant for seniors who use expensive medications for conditions like cancer or multiple sclerosis. Also starting in 2024 through 2029, Part D premiums will not be allowed to grow faster than 6 percent per year. And for lower income Medicare benefi ciaries, eligibility for the Part D Low Income Subsidy (also known as Extra Help) will be expanded to 150 percent of the federal poverty level, from today’s limit of 135 percent. This change will mean about 500,000 more seniors will qualify for fi nancial assistance to help pay some or all of their prescription drug premiums and deductibles. 2025: One of the biggest cost reduction measures for Medicare benefi ciaries will begin in 2025 when out-of-pocket spending on Part D prescription drugs will be capped at $2,000 per year. This will be a major savings for the more than 1.5 million benefi ciaries who currently spend more than $2,000 out-of-pocket each year. 2026: When Medicare’s Part D program was enacted in 2003, negotiating lower drug prices was forbidden. But because of the Infl ation Reduction Act, starting in 2026 Medicare will be empowered to begin negotiating prices with drug companies for 10 of the most expensive drugs covered under Part D. In 2027 and 2028, 15 drugs would be eligible for negotiations and in 2029 and subsequent years, 20 drugs would be chosen. And, in addition to all the Medicare improvements, the Infl ation Reduction Act also extends the Aff ordable Care Act (Obamacare) premium subsidies for three years that have helped millions of Americans gain coverage before they’re eligible for Medicare. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. THE MALDEN ADVOCATE–Friday, September 9, 2022 BHRC | FROM PAGE 12 mandatory Massachusetts Driver Retraining Program before the revocation takes eff ect. “Auto insurance premiums should refl ect an individual’s actual driving experience and safe vehicle operating habits and should not be adversely impacted by simple errors such as failing to get an inspection sticker on time,” said sponsor Rep. Brad Jones. “Operating without a valid inspection sticker should not be treated on the same level as speeding or failure to stop, which represent much more serious and potentially dangerous moving violations. Driving with an expired sticker is a relatively minor off ense and should be treated as such.” Jones has refi led the bill for consideration in the 20232024 session. ALLOW INSURANCE DISCOUNTS FOR DRIVERS WHO TAKE A COURSE IN MARIJUANA IMPAIRMENT (H 1130) – Would allow insurance companies to offer discounts to drivers who complete a marijuana impairment education course off ered by driving schools and insurance companies. “This legislation provides a critical fi nancial incentive for drivers to educate themselves on the dangers of operating a motor vehicle under the infl uence of marijuana,”said sponsor Rep. Hannah Kane (R-Shrewsbury). “It will not only benefi t those who complete the course and receive the discount, but in educating drivers, make every resident of the commonwealth safer. I am disappointed this bill has been sent to study and will plan to refi le it next session.” RAISE THRESHOLD FROM $1,000 TO $2,500 (H 1117) – Under current law, in order for an accident to trigger a surcharge, there must be at least $1,000 worth of damage. This bill would raise the minimum to $2,500. “This exemption is outdated at $1,000,” said sponsor Rep. Steve Howitt (R-Seekonk) who plans to refi le the bill next year. “Cars are now costing tens of thousands of dollars [and] no longer have bumpers, but integrated facias that are part of the car's body.A scratch can cost well over $1,000 to repair and paint. Paint body shop supplies and replacement automotive parts have outpaced infl ation. By raising the points threshold to $2,500, it better conforms to these costs and does not cause additional fi nancial burdens to our Massachusetts drivers with additional insurance premiums. This legislation is fair not only to the insurance industry, but to our consumers as well.” REBATES (H 1033) – Would allow auto insurance companies to give rebates to any policy holder who is considered a safe driver under state regulations and who was not involved in any surchargeable incidents during the period the policy was in eff ect. “I believe people should be rewarded for safe driving,” said sponsor Rep. Bruce Ayers (D-Quincy). “This is a bill I plan on re-fi ling next legislative session.” QUOTABLE QUOTES “The industry has grown rapidly since the voters legalized recreational cannabis in 2016, topping $3 billion in sales this past spring. While the law was intended to create new economic opportunities for diverse communities and those previously harmed by harsh drug laws, this promise has not been fully achieved, leaving many aspiring equity entrepreneurs with a very challenging pathway to achieve the success that larger corporate interests have enjoyed." ---Former State Treasurer Shannon O’Brien on her appointment as chairperson of the Cannabis Control Commission. “It is shameful for the fi rst public ~ Legal Notice ~ Notice of Demolition to Abutters Name: New Day Recovery Address: 28 Appleton Street Malden, MA 02148 RE: Notice of Intent to Demolish Building To Whom It May Concern: A submittal of application to Malden Inspectional Services for a permit to demolish the building located at 28 APPLETON ST., Malden. The Historical Commission has made a determination that the above referenced property is not a Significant Building and has given us permission to demolish the building. We are currently satisfying the remaining requirements for the permit to be isused. At this time, demolition is expected to take place on SEPTEMBER 2022. Sincerely, Patrick Reardon Newdayrecoveryllc@gmail.com September 9, 16, 2022 transportation system in our country to have reached this entirely preventable point, where deep service cuts and wholesale shutdowns of subway lines are deemed necessary to get the T back on track. It is unacceptable that the MBTA has forced riders to carry the burden of the Baker administration's failures.” ---U.S. Sens. Ed Markey and Liz Warren in a joint statement. “Obviously the most shocking being our instant ticket numbers being down $22.2 million. And that is a trend that we have seen both nationwide and into this current month of August as well that we’ll be discussing at the next commission meeting, as well as our Keno sales being down $5.5 million which is also a trend nationwide. Plus, we did happen to have a very warm August which, generally speaking, keeps people outside and less in restaurants and liquor establishments. So that’s contributing to somewhat of that decrease.” --- Interim Lottery Executive Director Mark William Bracken. HOW LONG WAS LAST WEEK'S SESSION? Beacon Hill Roll Call tracks the length of time that the House and Senate were in session each week. Many legislators say that legislative sessions are only one aspect of the Legislature's job and that a lot of important work is done outside of the House and Senate chambers. They note that their jobs also involve committee work, research, constituent work and other matters that are important to their districts. Critics say that the Legislature does not meet regularly or long enough to debate and vote in public view on the thousands of pieces of legislation that have been fi led. They note that the infrequency and briefl ength of sessions are misguided and lead to irresponsible late-night sessions and a mad rush to act on dozens of bills in the days immediately preceding the end of an annual session. During the week of August 29-September 2, the House met for a total of 45 minutes and the Senate met for a total of 26 minutes. Mon. Aug. 29 House11:01 a.m. to11:06 a.m. Senate 11:15 a.m. to11:20 a.m. Tues.Aug. 30 No House session No Senate session Wed. Aug. 31 No House session No Senate session Thurs. Sept. 1 House11:01 a.m. to11:41 a.m. Senate 11:21 a.m. to11:42 a.m. Fri. Sept. 2 No House session No Senate session Bob Katzen welcomes feedback at bob@beaconhillrollcall.comBob founded Beacon Hill Roll Call in 1975 and was inducted into the New England Newspaper and Press Association (NENPA) Hall of Fame in 2019.
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