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Inflation Reduction Act Brings Prescription Drug Price Relief for Our Members and All Older Americans

New Law Will Lower Prescription Drug Prices for Seniors and Limit Medicare Plan Out-of-Pocket Costs

AARP issued the following statement from Jo Ann Jenkins, AARP Chief Executive Officer after President Biden signed the Inflation Reduction Act of 2022:

“AARP has fought hard to lower prescription drug prices for decades, and we thank President Biden for signing this historic legislation to provide relief to AARP’s members and all older Americans. This is one of the most important pocketbook issues for older Americans – across political aisles and across the country. We have made our voices loud and clear: drug prices are out of control, and enough is enough.

“Going forward, Medicare is required to negotiate the prices of certain drugs, drug companies will be penalized if they raise prices faster than the rate of inflation, and tens of millions in Medicare plans will soon have an annual cap on how much they pay out-of-pocket for their medications. Our fight isn’t over – AARP will keep working to make sure the law is implemented, and we’ll keep advocating for additional measures to bring down the price of prescription drugs.”


For further information: Amanda Davis, 202-434-2560, media@aarp.org, @AARPMedia

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