Post Date: June 15, 2023

The Department of Health and Human Services, via the Centers for Medicare & Medicaid Services (CMS) announcement on June 9, 2023, that through the Inflation Reduction Act (IRA), President Biden and his Administration are lowering prescription drug costs for American seniors and their families. There is a list of 43 prescription drugs for which Part B beneficiary coinsurances that may be lower between July 1 and September 30, 2023. Some people with Medicare who take these drugs may save between $1 and $149 per average dose starting July 1, depending on their individual coverage.

The Medicare Prescription Drug Inflation Rebate Program is one of the many important tools Medicare has to address rising drug costs. By reducing coinsurance for some people with Part B coverage and discouraging drug companies from increasing prices faster than inflation, this policy may lower out-of-pocket costs for some people with Medicare and reduce Medicare program spending for costly drugs.

This important provision will insure that the people with Medicare will no longer have to worry about sudden out-of-pocket price increases when drug companies raise prices faster than the rate of inflation.

See the initial guidance detailing the requirements and procedures for the Medicare Prescription Drug Inflation Rebate Program here. 

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