MILWAUKEE — Senior citizens and others on Medicare can now get their insulin at a fraction of the cost, thanks to a new provision of the Inflation Reduction Act.
“For some people, it was the difference between putting medicine on the table or food on the table,” said Dr. Hashim Zaibak, Pharmacist and Founder, Hayat Pharmacy.
Robert Brown says he’s been battling the effects of diabetes for nearly 15 years.
The Wauwatosa man says throughout most of that time, his insulin supply cost him nearly $200 per month.
“I had more bills coming in than I had checks but I just didn't think there was a way out. Obviously, I'm not going to not buy my insulin, that would make it worse,” said Brown.
But now, things are different.
Starting on Jan. 1, the Inflation Reduction Act capped the out-of-pocket price of insulin for those who qualify for Medicare at just $35 per month.
“For some of the people who used to pay $10, $20 for their insulin, let's say a decade ago, now they have to pay hundreds of dollars for the same exact medication. And this can be a very big challenge for the uninsured and underinsured population,” said Dr. Zaibak.
Robert says his various health issues, combined with an early retirement, left him on a fixed income that made the rising insulin prices even harder to deal with. He says this news is life-changing.
“Anytime I can save money, it’s big news, that that's for sure,” said Brown.
Dr. Zaibak says that for the next 90 days, systems will still be adjusting to the price change, which means people might still be paying their old prices.
He encourages patients to call their insurance and submit any receipts for reimbursement and asks that any who can help their older loved ones navigate this transition do so.
“The last thing I want to see is somebody delaying, skipping or reducing their insulin dose because they can't afford it,” said Dr. Zaibak.
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