Medicare Patients See Dramatic Drop in Insulin Prices Under Biden Policies

New study finds 75% of Medicare beneficiaries now pay $35 or less per month for insulin.

Mar. 24, 2026 at 7:00pm

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A new study published in the Journal of the American Medical Association has found that Biden-era policies have significantly reduced insulin prices for Medicare patients. The average out-of-pocket monthly cost for insulin dropped from over $50 in 2019 to just $22 in 2023, with 75% of Medicare prescription beneficiaries now paying $35 or less per month for their insulin. However, the study also found that 25% of Medicare patients are still paying more than $35 due to limitations in how the price cap can be applied.

Why it matters

Insulin affordability has been a major public health issue, with many diabetic patients struggling to pay for the life-saving medication. This study shows that targeted government policies can have a meaningful impact in making insulin more accessible and affordable, especially for vulnerable populations like Medicare beneficiaries. However, the findings also highlight the need to further refine these policies to ensure all patients can benefit from the price caps.

The details

The study analyzed Medicare claims data covering nearly 3.8 million patients who had at least one insulin prescription between 2019 and 2023. Researchers found that the percentage of Medicare beneficiaries paying $35 or less per month for insulin increased from 48% in 2019 to 75% in 2023, following the implementation of the Inflation Reduction Act's $35 price cap on insulin for Medicare Part D patients starting in January 2023. However, the researchers noted that 25% of patients were still paying more than $35 per month due to limitations in how the price cap can be applied, such as only applying to full 30-day supplies.

  • The Inflation Reduction Act of 2022 mandated a $35 out-of-pocket cap for a 30-day insulin supply for Medicare Part D beneficiaries, starting in January 2023.
  • The study analyzed Medicare claims data from 2019 to 2023 to assess the impact of the new insulin price caps.

The players

Michael Fang

An assistant professor of epidemiology at the Johns Hopkins Bloomberg School of Public Health in Baltimore and the lead researcher on the study.

President Joe Biden

The president who enacted policies that led to the insulin price reductions for Medicare patients.

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What they’re saying

“This is compelling evidence that Medicare policies in recent years have done what they were meant to do — improve insulin access and affordability.”

— Michael Fang, Lead researcher

“Insulin costs are now at historically low levels for people on Medicare.”

— Michael Fang, Lead researcher

What’s next

Researchers say the findings highlight the need to further refine the insulin price cap policies to ensure all Medicare patients can fully benefit, such as by addressing limitations in how the cap is applied to partial-month supplies.

The takeaway

The Biden administration's policies have made a significant impact in improving insulin affordability for Medicare beneficiaries, but more work is needed to ensure all patients can access this life-saving medication at a reasonable cost.