A glimmer of good news? Drug price reforms are beginning to help bring down costs for some

It’s still true that 1 in 4 adults in the United States struggles to afford prescription medications. High costs force some to skip doses, cut pills in half or simply not to fill a prescription.

New research from the Harvard Medical School finds that Medicare beneficiaries were less likely to report skipping, rationing, or foregoing medications due to cost after the federal Inflation Reduction Act’s drug cost-cutting provisions took effect Jan. 1, 2024.

The law effectively capped Medicare beneficiary’s out-of-pocket drug costs at approximately $3,300 annually. It also expanded assistance for lower income patients.

The patients helped the most were those managing two or more chronic conditions.

Unfortunately, Harvard researchers also found that, while the Act has lowered costs, many patients said their overall health care costs continue to climb. This suggests older Americans were still struggling to pay their medical bills and were anxious about any future health care costs.

What about you? Are you on Medicare and finding your drug costs to be more manageable? Or have changes in federal law made little difference for you? Share your personal story with Voices for Affordable Health.