Latino and Black older U.S. citizens will benefit from the drop in prescription drug costs, which otherwise are available at an exorbitant price, once the new U.S. bill is active.
Black and Latino seniors seem to be primarily vulnerable to certain critical illnesses that are usually associated with heavy expenses.
“This is a population that’s more likely to live with certain diseases that are often treated with expensive medications. It’s also a population with relatively limited income and assets. It’s a double whammy that makes Black and Latino beneficiaries more vulnerable but also puts them in a place where they’re likely to be helped by the provisions.” So informs Tricia Nuuman, Executive Director, Kaiser Family Foundations Program, on Medicare Policy.
The package includes around $369 bn investment in addressing issues due to climate change. Besides, the package extends $2,000 annual cap on medicine prices for older citizens and a monthly-basis insulin cap of $35. The $2,000 cap on out-of-pocket medical expenses will be effective in 2025. The insurance cap is likely to go into effect next year.
Once President Joe Biden approves the spending bill, seniors may not have to spend on vaccines. Furthermore, U.S. citizens with comparatively lesser income will enjoy a 3-years extension on federal subsidiaries. (Those opting for private insurance via the ‘Affordable Care Act).
A significant chunk of Black and Latino Americans are involved with less-paying jobs, and the retirement benefits are not usually very promising. Besides, they earn less and, in turn, have fewer savings than many of their peers.
However, the bill also faces criticism for not including any provisions to deal with the underlying health issues. Here, the mention is toward the biased or unequal access to quality pharmaceutical care.