The savings under the Inflation Reduction Act are anticipated to benefit 853,000 enrollees.
Starting January 1, 2025, Medicare enrollees will see reduced coinsurance rates for 64 drugs under Medicare Part B under the Inflation Reduction Act’s Medicare Prescription Drug Inflation Rebate Program. The price adjustments focus on medications whose costs have risen faster than inflation, saving beneficiaries between $1 and $10,818 per day depending on their treatment.
Over 853,000 Medicare enrollees are expected to benefit. The act also introduces a $2,000 annual cap on Medicare Part D out-of-pocket costs starting in 2025, providing financial relief for seniors.
“The Inflation Reduction Act is working to lower prescription drug costs for millions of people,” said HHS Secretary Xavier Becerra. “By discouraging drug companies from raising their prices faster than inflation, we are keeping prices affordable for the people with Medicare who rely on these drugs to live healthier lives. The law has also capped out-of-pocket costs and finally allows Medicare the right to negotiate lower prices. It is a success story for the American people.”
As the Lord Leads, Pray with Us…
- For Secretary Becerra as he oversees the federal health department.
- For wisdom for Cabinet officials as they prepare for the transition of administrations.
Sources: Department of Health and Human Services