U.S. Health and Human Services Secretary Xavier Becerra traveled to Charlotte on Friday to meet with local officials and highlight the Biden administration's efforts to reduce health care costs for people on Medicare.
Becerra was joined by Charlotte's two Democratic representatives, Jeff Jackson and Alma Adams. They spoke inside the locally-owned Doc's Pharmacy on Freedom Drive, in a lower-income area that's been designated one of Charlotte's Corridors of Opportunity.
Becerra said as of Jan. 1, the price of a month's supply of insulin has been capped at $35 for Medicare recipients, thanks to the bipartisan Inflation Reduction Act.
"If you find out you paid more than $35 for your insulin, and you're a Medicare recipient, starting Jan. 1, please contact your insurer. You are entitled to get your money back beyond the $35," he said.
The new law will also allow Medicare to negotiate prices this year for 10 single-source, brand-name drugs without generic competitors. Becerra said Medicare hadn't yet determined which 10 drugs it will select for negotiations, but that they will be "high-priced and ... necessary within the community."
The negotiated prices wouldn't take effect until 2026. Medicare will also select 15 drugs to negotiate new prices for 2027, another 15 drugs for 2028, and then 20 drugs for 2029 and later years.
Starting in 2025, the new law will also cap out-of-pocket expenses for Medicare recipients at $2,000.
According to Kaiser Family Foundation, about 1.9 million people in North Carolina have Medicare, which is a federal health insurance program for people 65 and older, or have long-term disabilities.