In Billings, Tester Talks Prescription Drug Savings for Seniors in Inflation Reduction Act with Community Leaders

The IRA caps out-of-pocket drug costs and the cost of insulin for Medicare patients

U.S. Senator Jon Tester held a press conference today with community leaders in Billings to discuss the significant health care savings for Montana seniors in his recently signed Inflation Reduction Act.

Tester’s Inflation Reduction Act requires Medicare to negotiate drug prices, caps out-of-pocket prescription drug costs for Medicare patients at $2,000/year, caps the cost of insulin for Medicare patients at $35/month, and extends Affordable Care Act provisions to prevent price hikes for thousands of Montanans. 

“Requiring Medicare to negotiate drug prices means that multinational pharmaceutical companies won’t be able to price gouge seniors anymore,” said Tester. “Capping out of pocket drug costs will give folks the necessary stability needed to live comfortably on fixed income and plan for the future. And capping insulin prices for Medicare recipients means that folks won’t have to pay an arm and a leg for this critical, life-saving drug. These are some of the reasons the Inflation Reduction Act is a big win for Montana’s seniors when it comes to prescription drug savings and affordable health care.”

Tester was joined by former state legislator and Big Sky 55+ representative Margie McDonald, Billings Clinic Manager of Diabetes Endocrinology Metabolism, Diabetes Research and Allergy, Lisa Ranes RD CDCES, and seniors advocate Kathleen Burke.

The Inflation Reduction Act was signed into law on August 16^th, 2022. The targeted legislation is the largest U.S. debt reduction in more than a decade, and will lower costs for seniors, families, working Montanans, and small businesses. It will lower health care costs, unleash American energy across the board, and create thousands of good paying Montana jobs in the process.