Inflation Reduction Act, how does it affect Medicare?

The Inflation Reduction Act has brought some significant changes to Medicare that'll benefit you. Let's break it down.

Lower Prescription Drug Costs
You'll now have access to lower-cost prescription drugs through Medicare, thanks to the government's ability to negotiate prices directly with manufacturers ¹. This means you'll spend less on life-saving treatments.

Insulin Costs Capped

If you or a loved one relies on insulin, you'll be thrilled to know that costs are now capped at $35 per month's supply, starting January 1, 2023 ¹ ². No more deductibles for covered insulin products!

Yearly Out-of-Pocket Cap
Beginning in 2025, your yearly out-of-pocket prescription drug costs will be capped at $2,000 ¹ ². This provides financial relief and predictability.

No More Cost-Sharing in Catastrophic Phase.

Starting in 2024, if you reach the catastrophic phase of Medicare drug coverage, you won't have to pay cost-sharing toward your prescription drugs [3).

Expanded Help for Low-Income Individuals

The Low-Income Subsidy Program (LIS or "Extra Help") has been expanded to cover individuals with incomes up to 150% of the federal poverty level, starting in 2024 ¹[3).

These changes aim to make healthcare more accessible, equitable, and affordable for millions of Americans, including you.