December 19, 2022
In August of 2022, the Inflation Reduction Act was signed. Notably for Medicare beneficiaries, the Act is working to lower prescription drug costs and expand Medicare Part D coverage.
Starting January 2023, Medicare Part D will cap a month’s supply of insulin at $35. Also in 2023, Medicare will negotiate the costs of 10 Part D-covered drugs. The negotiated prices of these prescriptions will go into effect in 2026.
In 2024, Medicare beneficiaries who meet their Part D catastrophic coverage limit will not have to pay their coinsurance/ copay. Additionally, those who earn less than 150 percent of the federal poverty level will qualify for Extra Help.
In 2025, Part D out-of-pocket costs will be capped at $2,000 per year.