At Hawaii SHIP, we are committed to helping our kūpuna understand important changes that can make Medicare more affordable and accessible. One of the biggest changes in recent years is the Inflation Reduction Act, signed into law on August 16, 2022. This act brings significant savings to Medicare beneficiaries, with improvements continuing through 2029.
Here’s a simple timeline to help you and your loved ones know what to expect:
🗓️ 2023
$35 Monthly Cap on Insulin: Copays for certain insulin medications are now capped at $35 per month.
100% Coverage for Vaccines: Medicare Part D now covers important vaccines like the shingles vaccine at no cost.
🗓️ 2024
Drug Cost Protection: Once you reach $8,000 in out-of-pocket drug costs for the year, Medicare covers 100% of your prescription costs after that.
Expanded Extra Help Program: More people now qualify for financial help with prescription costs thanks to higher income limits.
🗓️ 2025
New Prescription Drug Payment Program: A new plan through Part D and Medicare Advantage allows you to spread out your drug costs over the year.
Lower Out-of-Pocket Limit: Your maximum out-of-pocket drug expenses will drop from $8,000 to just $2,000 for the entire calendar year — a huge savings for many kupuna.
🗓️ 2026 – 2029
Negotiated Lower Prices for Prescription Drugs: Medicare will negotiate prices for high-cost medications, leading to even greater savings at the pharmacy.
New Lower Prices Start in 2026: See our Word Search puzzle for some of the first 10 medications to have lower negotiated prices.
Why This Matters
Healthcare costs are one of the biggest concerns for our kūpuna. The Inflation Reduction Act helps:
Lower your prescription drug costs
Protect you from high out-of-pocket expenses
Make important vaccines more accessible
Expand eligibility for financial assistance
These improvements will make Medicare stronger and more affordable, allowing you to focus on your health and well-being, not on overwhelming medical bills.
Need Help Understanding Your Benefits?
Hawaii SHIP offers free, one-on-one counseling to Medicare beneficiaries, caregivers, and families. We can help you:
Review your current Medicare plan
Compare drug plan options based on your prescriptions
Enroll in financial assistance programs like Extra Help
📞 Call us today at 808-586-7299 or TTY 1-866-810-4379
🌐 Visit us at hawaiiship.org
Let’s navigate Medicare together — for a healthier, stronger Hawaii!
