Opinion editor's note: Editorials represent the opinions of the Star Tribune Editorial Board, which operates independently from the newsroom.
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More than a million Minnesotans rely on Medicare, the federal health insurance program that primarily serves those 65 and up. A year from now, seniors here and elsewhere should see significant savings as a historic new reform kicks in: a $2,000 yearly cap on out-of-pocket expenses for Part D, the program component providing prescription drug coverage.
This future financial relief comes courtesy of the Inflation Reduction Act, sweeping legislation passed in 2022 that included investments to boost manufacturing and clean energy, as well as pocketbook-friendly Medicare improvements. The yearly drug cost cap will take effect in 2025.
But for those currently struggling to pay at the pharmacy counter, a year is a long time to wait. Fortunately, financial aid available now could help many Minnesota Medicare enrollees with limited incomes more easily shoulder health care costs.
The average savings for Minnesotans enrolled in two key assistance programs: an impressive $6,000 a year, according to state officials.
The problem is that the public awareness of these programs too often lags. There are thousands, even potentially tens of thousands of Minnesotans with Medicare who may be eligible but haven't applied, said Kelli Jo Greiner, who serves as the Medicare program manager for the state Department of Human Services (DHS) and also works for the Minnesota Board on Aging.
"We are constantly trying to get more and more people to apply and enroll because they can save so much money," Greiner told an editorial writer. "It's incredible how much you can save."
