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Inflation Reduction Act provisions to lower prescription drug costs

Medicare Beneficiaries will pay less for prescriptions drugs
Posted at 6:21 PM, Sep 14, 2022
and last updated 2022-09-14 19:21:48-04

CORPUS CHRISTI, Texas — Thanks to the Inflation Reduction Act, people in the Coastal Bend will soon be paying less out of pocket for prescription drugs.

The law includes several provisions aimed at lowering prescription drug costs for people with Medicare. A local man, Pete Villareal said inflation has taken a toll on his family.

"It’s tougher nowadays, having to pay for medicine with people getting sick,” he said.

Villareal spends his free time playing bingo to make extra cash.

Harrel Drug Company in Kingsville serves over 25,000 patients.

Owner, Nick Harrel tells Action 10 News in South Texas, 40 percent of people are covered by private insurance or Medicare. Only 10 percent pay out-of-pocket.

"People on Medicare that are on what used to be called the Affordable Care Act, will be limited to an out-of-pocket co-pay of $35 per month,” Harrel said.

Harrel still has questions on how the Inflation Reduction Act will be implemented, but he said it will make things easier at the pharmacy.

"The computer would handle the technical part of it. We wouldn't have to look it up in a book or catalogue of how much something is,” Harrel said.

San Patricio Health Authority Dr. James Mobley said over the next 10 years, prescription drugs will become more accessible.

"Insulin, they'll be paying less out of pocket and vaccines will be free to the person receiving the vaccine,” said Mobley.

This could help people lead healthier lives; In a community with a high number of diabetics.

"We could see some cost reductions. They're estimating over the next 10 years this will save $288 billion,” Mobley said.

The implementation of the prescription drug provisions goes into effect by next year.

To view the timeline on the Inflation Reduction Act, click here.