President Biden has fulfilled his promise to make healthcare more affordable for all by introducing the Inflation Reduction Act. This law will lower prescription drug costs, make health insurance more accessible, and improve the economy for working families.
The Inflation Reduction Act will also benefit people with Medicare by making necessary changes to the Medicare program, such as lowering prescription drug costs, starting from January 1, 2023. These changes include caps on insulin cost-sharing and the removal of cost-sharing for prescription drugs in the catastrophic phase of Medicare drug coverage. Additionally, Medicare will begin to negotiate drug prices with manufacturers, leading to greater competition and lower costs for both patients and Medicare. This article outlines the changes that the Inflation Reduction Act will bring and how it will help make healthcare more accessible, equitable, and affordable.
For more information visit: https://www.cms.gov/newsroom/fact-sheets/inflation-reduction-act-lowers-health-care-costs-millions-americans
To learn about Medicare: