The Senate is nearing a vote on the Inflation Reduction Act (IRA) of 2022, a scaled back, but still transformational, reconciliation package that includes critical Medicare prescription drug and Affordable Care Act (ACA) improvements.
Among other things, if enacted, the bill would:
- Allow Medicare to negotiate with drug manufacturers for the price of some Part D and Part B drugs;
- Cap beneficiary out-of-pocket Part D drugs costs at $2,000 per year;
- Impose checks on the annual rise in costs of drugs and Part D premiums; and
- Expand access to the Part D low-income subsidy (“Extra Help”).
There is an active campaign by opponents of this bill to spread misinformation, including that it is bad for the Medicare program and beneficiaries. On the contrary, as noted by the Committee for a Responsible Federal Budget, these provisions would lower Medicare costs and not cut benefits.
We urge Congress to act quickly to pass the IRA.
If you would like to contact your Senators and Representatives and urge them to support this bill, you can use this electronic letter form created by our colleagues at the Medicare Rights Center.