U.S. Senator Sheldon Whitehouse on Tuesday encouraged seniors in Rhode Island to utilize the current Medicare open enrollment period to compare health insurance plans and view savings on prescription drugs. The open enrollment period runs from October 15 through December 7, and comes as Democrats’ historic Inflation Reduction Act is lowering health care and prescription drug costs for seniors.
“Democrats’ Inflation Reduction Act is lowering health care costs for seniors, and finally breaking the grip of Big Pharma, providing much-needed relief to Rhode Islanders on Medicare,” said Whitehouse, who has long championed cost-lowering measures like allowing Medicare to negotiate drug prices. “I was glad to help secure these cost savings, which mean more money in the pockets of people living on fixed incomes.”
During open enrollment, seniors on Medicare can compare coverage options, like Traditional Medicare and Medicare Advantage, choose health and drug plans for 2024, and see how the Inflation Reduction Act is already helping them save money on health care costs.
The Inflation Reduction Act capped seniors’ monthly out-of-pocket insulin costs at $35 and made many vaccines available to Rhode Islanders on Medicare at no cost. For the first time, Medicare is allowed to negotiate drug prices. The law also protects Medicare beneficiaries from drug company price hikes that outpace inflation. For 2024, the law will effectively cap out-of-pocket costs for some beneficiaries at approximately $3,250. These savings will continue to grow in 2025 as other aspects of the law are phased in, including a $2,000 out-of-pocket cap on prescription drug costs for seniors with Medicare Part D, which will save about 68,000 Rhode Islanders an average of $340 per year.
Seniors looking to compare plans and participate in open enrollment for 2024 should visit Medicare.gov now through December 7. Whitehouse’s constituent services staff is available to help answer seniors’ questions at (401) 453-5294 or at whitehouse.senate.gov.
Over 230,000 Rhode Islanders are currently enrolled in Medicare.
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