The US Department of Health and Human Services Office of the Assistant Secretary for Planning and Evaluation (ASPE) has recently published research demonstrating how the Inflation Reduction Act (IRA) provisions will lead to cost savings for women with Medicare. Nearly 30 million women who are enrolled in Part D will benefit from these savings, according to ASPE data.
If the IRA’s $35 cap on cost sharing for Medicare-covered insulin had been in place in 2020, approximately 733,000 women would have saved money. In 2021, around two million women with Medicare received recommended vaccines that are now covered with zero cost sharing. It is also projected that about 857,000 women enrolled in Part D will save $1,000 or more by 2025 due to the IRA’s restructuring of the prescription drug program’s design.
CMS Administrator Chiquita Brooks-LaSure emphasized in a statement that women in the US are disproportionately impacted by high healthcare costs and that the IRA is playing a crucial role in reducing prescription drug expenses and improving healthcare accessibility for women and all Medicare beneficiaries. ASPE’s Principal Deputy Assistant Secretary Rebecca Haffajee pointed out that the majority of Medicare Part D enrollees are women, and certain health conditions that are commonly treated with prescription drugs are more prevalent in women, such as autoimmune disorders. Therefore, savings on drug costs are especially significant for this demographic.
With women constituting over half of all Medicare enrollment, it is vital to ensure their access to affordable healthcare services. Organizations like Medicare Rights are continuously advocating for improved care and coverage for older adults, individuals with disabilities, and their families to enhance the well-being of all beneficiaries.