Good news for Hawaii’s kupuna and Medicare beneficiaries—prescription drug prices are going down thanks to the Inflation Reduction Act (IRA). If you rely on medications to manage chronic conditions or maintain your health, these changes could significantly reduce your out-of-pocket expenses.
Here’s a simple breakdown of the savings timeline and how you can make the most of it.
Already in effect are two key improvements:
Some insulin medications are capped at $35/month.
Shingles vaccines are now free for Medicare beneficiaries.
These changes help those managing diabetes or looking to stay ahead of illness with preventive care.
Starting in 2025, your annual costs for prescription medications will be more manageable:
Once your out-of-pocket drug costs hit $8,000 per year, you pay nothing more for the rest of the year.
A major highlight of the IRA is price negotiation on high-cost drugs. This means significant savings on some of the most commonly used and expensive prescriptions.
According to the flyer’s chart, here’s a look at how prices for a 30-day supply will drop from 2023 to 2026:
| Medication | 2023 Cost | 2026 Cost |
|---|---|---|
| Eliquis | $521 | $231 |
| Jardiance | $573 | $197 |
| Xarelto | $517 | $197 |
| Januvia | $527 | $113 |
| Farxiga | $556 | $179 |
| Entresto | $628 | $295 |
| Enbrel | $7,106 | $2,355 |
| Imbruvica | $14,934 | $9,319 |
| Strela | $13,836 | $4,695 |
| Fiasp | $495 | $119 |
These reductions are substantial and can provide real financial relief to Medicare enrollees managing chronic and serious health conditions.
Even more improvements are coming beyond 2026. The government is planning additional cost-saving measures and expanded drug price negotiations to ensure that medication remains affordable well into the future.
Understanding all these changes can be overwhelming, but you don’t have to figure it out alone. The Hawaii State Health Insurance Assistance Program (SHIP) provides free, unbiased help to Medicare recipients across the islands.
📞 1-888-875-9229
Their trained counselors can help you:
See if you qualify for Extra Help
Understand your drug coverage
Enroll in a monthly payment plan
Compare plan options for 2025 and beyond
Medications shouldn’t break the bank—and thanks to the Inflation Reduction Act, they won’t have to. With major savings already in place and more on the way, it’s the perfect time to review your Medicare plan and take advantage of these new benefits.
Don’t wait. Call Hawaii SHIP today to learn how these changes affect you or your loved ones—and take control of your health and finances with confidence.
