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AARP Study Shows More Than One in Ten Hawai`i Kupuna With Medicare Drug Plans Will Save Money Next Year

Posted on 08/30/24

Big Island resident Randy Glick is one of an estimated 19,034 Hawai`i kupuna on Medicare prescription drug plans who will see savings thanks to a new out-of-pocket cap that starts January 1, 2025. The savings are made possible by a provision in the 2022 prescription drug law that AARP championed which caps out-of-pocket prescription drug costs every year, beginning at $2,000 next year, for America’s 56 million Medicare drug plan enrollees.

Glick, a diabetic, takes a brand name diabetes drug with an out-of-pocked cost of about $3,400 a year. His other medications cost about $400 a year. Glick will save $1,800 next year when the prescription drug cap takes effect.

A new AARP study estimates that Medicare drug plan enrollees nationwide will see an average savings of roughly $1,500 next year for their prescription drugs and the number and share of people saving money with non-subsidized Medicare drug plans will increase from 3.2 million (8.4 percent of enrollees) next year to 4.1 million (9.6 percent) in 2029.

In Hawai`i, the number of people reaching the cap and saving money on Medicare prescription drugs will rise to 22,689 in 2029. About 11.9 percent of Hawai`i’s 167,442 non-subsidized Medicare Part D beneficiaries will see prescription drug price savings next year. The share of beneficiaries seeing savings rises to 13 percent in 2029.

Glick and his wife are both retired and live on a fixed income. So saving money is important. But just as important is the peace of mind knowing that they won’t have to bust their budget if they need other expensive medications as they age.

“We can never not take medicines,” Glick said. “I’m pretty healthy now. But you’re only healthy until you’re not (healthy).”

“AARP fought hard for the prescription drug law of 2022 because we knew it would provide crucial relief for Medicare enrollees here in Hawai`i and across the country by lowering drug prices and out-of-pocket costs,” said Keali`i Lopez, AARP Hawai`i State Director. “Knowing they won’t pay a dime over $2,000 next year – maximum – for prescription drugs they get at the pharmacy give more than one in 10 Hawai`i kupuna on Medicare drug plans some peace of mind as they struggle to keep up with rising costs for other everyday essentials like housing, groceries and utilities.

“Limiting how much seniors on Medicare drug plans pay for prescription drugs every year builds on other new and important cost-saving measures, such as capping insulin co-pays at $35 a month and making many vaccines, such as shingles and pneumonia, free,” she said.

Lopez also notes that because of the changes in Medicare coverage, kupuna should review the changes in their supplemental Medicare insurance coverage during the Medicare Open Enrollment period between Oct. 15 and Dec. 7.

AARP Hawai’i is offering workshops with the Hawai`i State Health Insurance Program (SHIP) in October. A schedule of workshops and registration information can be found at events.aarp.org/hi-health or aarp.org/local.

Beneficiaries can also call Hawai`i SHIP to make an appointment with a volunteer counselor at 808-586-7299 or toll-free 888-875-9229 or visit their website at hawaiiship.org.

This story is provided by AARP Hawaii. Visit the AARP Hawaii page for more news, events, and programs affecting retirement, health care, and more.

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