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Many Voters Don't Know About Caps On Drug Prices

A recent poll conducted by health policy group KFF reveals that many voters are unaware of the key provisions of the Inflation Reduction Act that have reduced the cost of some prescription drugs. The Act, which was promoted by President Biden, is most known among people aged 65 and older, with over half of them aware that the law has capped insulin prices at $35. However, only 35% of all voters are aware of this provision.

The Inflation Reduction Act, signed into law by Biden in 2022, requires the federal government to negotiate the price of some prescription drugs in the Medicare program. Despite this, only 48% of voters aged 65 and older are aware of this provision, representing a 12 percentage point increase from November. Furthermore, only 40% of older voters are aware of another significant provision that places an annual limit on out-of-pocket costs for people on Medicare, up from 27% in November.

The poll also found that large majorities of voters, regardless of political affiliation, support extending to all adults with health insurance several of the Act’s Medicare drug provisions. This includes the monthly insulin cost cap, favored by 88% of Democratic voters and 89% of Republican voters, and the annual drug spending limit, backed by 85% of Democrats and 87% of Republicans.

Despite these findings, the poll shows that most voters are pessimistic about what either candidate would accomplish in addressing the issue of prescription drug costs. Fewer than half of voters say it is 'very' or 'somewhat' likely that Biden’s policies would lower prescription drug costs for people on Medicare (47%) or for everyone (43%) if he were re-elected. About four in ten voters say the same about Trump (41% for people with Medicare, 40% for everyone)


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