Provisions of the Inflation Reduction Act of 2022 will favorably impact prescription drug prices and other healthcare costs for Medicare participants. While it will take several years to realize the full benefit of the law (including the $2,000 cap on total out-of-pocket drug costs in 2025) there are a number of immediate changes in 2023 that will relieve seniors of some of the burden of Part D costs:
- Covered insulin copays are capped at $35 for a 30-day supply.
- All vaccines approved by the CDC Advisory Committee are fully covered, most notably the shingles vaccine.
- Drugmakers who raise their prices more than the rate of general inflation will have to pay Medicare a rebate for the amount of their price increases above the rate of inflation.
- By September 1, the Centers for Medicare & Medicaid Services (CMS) will publish the first 10 Medicare Part D drugs selected for the Medicare Drug Price Negotiation Program.
For more details on the Inflation Reduction Act Medicare drug prices negotiation calendar read here.