Some older Americans are cheering news of a deal on Capitol Hill that could lead to lower drug costs.
President Joe Biden speaks about"The Inflation Reduction Act of 2022"inthe State Dining Room of the White House in Washington, Thursday, July 28, 2022.
Some of the issues addressed in the deal have been talked about for decades and proved elusive. But Manchin's backing brought new optimism to many who have lobbied and prayed for relief. — It would create a new “inflation rebate” requiring drug companies to give refunds to Medicare beneficiaries for increases in prescription drug prices that exceed the rate of inflation.
Tricia Neuman, a Medicare expert with the nonpartisan Kaiser Family Foundation, was likewise optimistic, saying, “Congress is on the cusp of making major changes to the Medicare drug benefit that could provide significant help to people struggling with their drug costs." “Why would we create a situation where we’re at the mercy of the drug companies to pay whatever they charge?” he asked.
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