Reducing healthcare costs for families

CHARLOTTE, N.C. (WBTV) - State and local leaders held a press conference in Charlotte Friday morning to highlight the enactment of IRA, the Inflation Reduction Act.

IRA slashes high prices on prescription medications for people on Medicare and makes health insurance more affordable.

Doc’s Pharmacy was chosen for this event because of the things they do for the community, like driving patients to appointments and helping people pay for drugs they cannot otherwise afford.

[Read also: Healthcare among top expenses for retirees]

The pharmacy has been finding ways to help Charlene Wilson who takes medication for several conditions.

She says she takes 13 pills per day and three doses of insulin.

IRA caps the price of insulin for people on Medicare at $34.

“The aspect of it that relates to us in the pharmacy and our providers here is the par where for Miss Wilson, instead of paying $103 a month for one prescription, she now pays $35,” said Michael Illodigwe, owner of Doc’s Pharmacy.

Wilson said, “Thanks for the law that just passed I was happy when I ordered my medicine last month it was $35 and I’m like are you sure? Don’t come back to me asking for more money because I’m budgeting.”

IRA isn’t just about reducing the price of insulin: It also requires drug companies that raise their drug prices faster than the rate of inflation to pay a Medicare rebate.

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