“I’m On Medicare, So The Inflation Reduction Act Is Critical To Me”
WASHINGTON, D.C. — Ginny Boynton, a retired lawyer and advocate with Patients For Affordable Drugs Now, met with President Biden last week to share how the Inflation Reduction Act will lower her drug costs. The White House released a new video yesterday that highlights Ginny and President Biden’s conversation just ahead of the president’s speech where he rolled out his 2024 budget that seeks to build upon the new drug price reforms in the Inflation Reduction Act.
“I’m on Medicare, so the Inflation Reduction Act is critical to me,” Ginny, a mother of two who lives with Lambert-Eaton myasthenic syndrome, told the president in Philadelphia last week. “I have a drug that costs $600,000 a year and another that’s $700 a month – and I can’t turn over in bed without it.”
Ginny’s out-of-pocket costs will total close to $36,000 this year. But thanks to the Inflation Reduction Act, starting in 2025, Ginny and millions of people on Medicare will have their out-of-pocket costs capped at $2,000. The new law also allows Medicare to negotiate the price of some of the most expensive drugs, caps Medicare insulin copays at $35 a month, and curbs drug company price gouging which will lower prices and stop Big Pharma’s monopoly pricing power.