Contact:
Simona Combi
Public Relations Manager
571-527-3982
simona.combi@ncoa.org

August 15, 2024, Arlington, VA—The following is a statement from the National Council on Aging (NCOA), on today’s announcement from the White House about the first set of drug price negotiations under Medicare:

“This is a great step forward in helping older adults who are squeezed by high health care costs while living on limited incomes. Saving people with Medicare an estimated $1.6 billion in out-of-pocket costs for prescription drugs in 2026 is a true game-changer. Millions of older adults need to manage multiple prescriptions for multiple chronic conditions, and for too many, that means making difficult choices about whether to pay for medicine or other daily expenses.

“Paired with the $2,000 out-of-pocket Medicare cap that will take effect in January 2025, the new drug prices will help stretch retirement incomes that have not kept up with the higher cost of living for older adults. These provisions of the Inflation Reduction Act are making life better for millions of families.

“With 11,000 Americans turning 65 every day, we look forward to more drug price negotiations in the coming years that will make medicines even more affordable for our rapidly growing older adult population.”

About NCOA
The National Council on Aging (NCOA) is the national voice for every person’s right to age well. We believe that how we age should not be determined by gender, color, sexuality, income, or ZIP code. Working with thousands of national and local partners, we provide resources, tools, best practices, and advocacy to ensure every person can age with health and financial security. Founded in 1950, we are the oldest national organization focused on older adults. Learn more at www.ncoa.org and @NCOAging.