Thanks to President Biden and Congress’ passage of the Inflation Reduction Act, which established the Medicare Prescription Drug Inflation Rebate Program, another benefit for Medicare enrollees has been implemented.
- The law reined in pharmaceutical industry price gouging by prohibiting drug company price increases greater than the rate of inflation.
- Some Medicare enrollees will pay less for 64 drugs available through Medicare Part B.
- The drugs will have a lowered Part B coinsurance rate from July 1, 2024 – September 30, 2024.
- Some of these drugs treat conditions such as osteoporosis, cancer, and infections.
- Some Medicare enrollees who use these drugs during this time period may save between $1 and $4,593 per day. read more.
- To view the fact sheet on the 64 Part B drugs with a coinsurance reduction for the quarter July 1, 2024 – September 30, 2024, visit, link HERE
- We are also anxiously awaiting roll out of the next promised benefit in the Inflation Reduction Act – in 2025, all people with Medicare Part D will benefit from a $2,000 cap on annual out-of-pocket prescription drug costs.