The Inflation Reduction Act has passed the Senate and the House, and is now headed to the desk of President Biden who is expected to sign it into law. The Inflation Reduction Act has significant benefits for Medicare beneficiaries. Let’s take a look at what to expect.
The Inflation Reduction Act includes the following elements:
- Allow Medicare to negotiate drug prices
- Restructure Part D to improve pricing incentives
- Penalize drug manufacturers for raising prices faster than inflation
- Cap Part D enrollee annual drug spending at $2,000
- Cap Part D enrollee monthly insulin costs at $35
- Extend full Low-Income Subsidy assistance to Part D enrollees with incomes up to 150% of poverty
- Eliminate cost sharing for vaccines covered by Part D
- Continue enhanced Affordable Care Act premium subsidies
This is great news for Medicare beneficiaries. To learn more about the Inflation Reduction Act, visit https://www.congress.gov/bill/117th-congress/house-bill/5376.