According to research published by the U.S. Department of Health and Human Services Office of the Assistant Secretary for Planning and Evaluation (ASPE), women with Medicare are set to save money thanks to provisions in the Inflation Reduction Act (IRA). Specifically, if the IRA’s $35 cap on cost sharing for Medicare-covered insulin had been in place in 2020, around 733,000 women would have saved money. In addition, approximately two million women with Medicare received recommended vaccines that are now covered with zero cost sharing in 2021. 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.
Women constitute over half of all Medicare enrollment, making it crucial for them to have access to affordable healthcare services. ASPE’s Principal Deputy Assistant Secretary Rebecca Haffajee highlights that certain health conditions that are commonly treated with prescription drugs are more prevalent in women, such as autoimmune disorders. This means savings on drug costs are especially significant for this demographic.
“Women in the U.S. are disproportionately impacted by high healthcare costs,” said Chiquita Brooks-LaSure, Administrator of Centers for Medicare & Medicaid Services (CMS) in a statement regarding the findings. “The Inflation Reduction Act is playing a crucial role in reducing prescription drug expenses and improving healthcare accessibility for women and all Medicare beneficiaries.”
Organizations like Medicare Rights continue to advocate for improved care and coverage for older adults, individuals with disabilities, and their families to enhance the well-being of all beneficiaries. By ensuring access to affordable healthcare services, we can improve health outcomes and reduce healthcare costs for all Americans, regardless of their gender or socioeconomic status.