MONTEREY >> About a year ago, the Inflation Reduction Act was signed into law, with one facet of it expected to reduce the cost of some prescription drugs for seniors, and Rep. Jimmy Panetta, D-Carmel Valley, recently held a series of informational meetings to help people understand what the law could mean for the price of medicines.

The sessions were held to mark the first anniversary of the landmark legislation that in part grants Medicare the power to directly negotiate the price of prescription drugs for the first time in history, stopping drug companies from increasing prices faster than inflation, capping out-of-pocket costs at $2,000 annually as part of Medicare Part D, and keeping the cost of insulin not exceed $35 per month for seniors.

Americans pay more for prescription drugs than in any other country in the world, according to the White House. Within the next couple of weeks, the Centers for Medicare and Medicaid Services will have announced the list of 10 drugs for which they will negotiate prices with drug companies in order to lower prescription drug costs.

After the insulin cap for seniors went into effect Jan. 1, the top three insulin manufacturers also reduced their prices for all Americans.

“Many seniors, who often live on fixed incomes, can face serious challenges to their health and finances due to the rising cost of prescription drugs,” said Rep. Panetta in a press release. “As a member of the Ways and Means Committee, I was proud to help formulate and pass into law legislation that actually addressed that issue head-on, with stronger protections for seniors that ultimately will result in lower costs at the pharmacy counter.”

Panetta said that before last year, too many people just talked about doing something when it comes to prescription drug prices.

“We actually did something in the 117th Congress with this landmark legislation that’s already affecting the lives of seniors in California’s 19th Congressional District,” he said.

Many of these provisions of this legislation are already going into effect and having a real impact on the lives of seniors across California’s 19th Congressional District, according to Panetta’s office. It is estimated that the $35 a month cap on insulin costs is saving 3,000 Medicare beneficiaries in the 19th District on average $330 each year. California seniors are expected to save $20 million thanks to the Inflation Reduction Act’s vaccine provisions and more than 2 million seniors in California can expect to save an average of $296 each year on their prescription drug costs.

Because of the Inflation Reduction Act, nearly 15 million people in the U.S. are saving an average of $800 per year on their health insurance premiums, the nation’s uninsured rate has reached an historic low and millions of seniors on Medicare are paying less in out-of-pocket costs for prescription drugs, including insulin.

“The number one reason that someone doesn’t fill their prescription is because they can’t afford it. The most common reason that older people skip medications, or they ration their medications is because, they can’t afford it,” said Rafi Nazarians, AARP California Advocacy Director in the release. “We hear from our members over and over again that they’re tired of the promises to tackle this issue and they’re thrilled that Congress finally took action.”

Nazarians pointed out that for the first time, all 5.1 million Californians with Medicare Part D will have peace of mind knowing that their pharmacy costs are capped.

Rep. Panetta was joined by Clay Kempf, Executive Director of the Seniors Council in Santa Cruz and San Benito Counties for an in-person session in Santa Cruz. Panetta held a separate virtual information session for seniors in Monterey, Santa Clara and San Luis Obispo counties alongside Department of Health and Human Services Region 9 Director Dr. Jeffrey Reynoso and AARP California’s Nazarians.