{"id":21782,"date":"2022-08-18T14:51:30","date_gmt":"2022-08-18T18:51:30","guid":{"rendered":"https:\/\/medicareadvocacy.org\/?p=21782"},"modified":"2022-08-24T10:03:19","modified_gmt":"2022-08-24T14:03:19","slug":"president-biden-signs-inflation-reduction-act-into-law-includes-critical-medicare-prescription-drug-provisions","status":"publish","type":"post","link":"https:\/\/medicareadvocacy.org\/president-biden-signs-inflation-reduction-act-into-law-includes-critical-medicare-prescription-drug-provisions\/","title":{"rendered":"President Biden Signs Inflation Reduction Act into Law \u2013 Includes Critical Medicare Prescription Drug Provisions"},"content":{"rendered":"\n<p>On Tuesday, August 16, 2022, President Biden signed into law the Inflation Reduction Act (IRA) of 2022, which includes expansive health and climate provisions.&nbsp; This bill is the culmination of over a year of debate about a wide range of proposals, including an extensive expansion of Medicare benefits.&nbsp; While the final bill includes only prescription drug provisions relating to Medicare, these provisions by themselves are a historic step forward concerning the price of prescription drugs and will be of significant benefit to Medicare beneficiaries.<\/p>\n\n\n\n<p>Among other things, the IRA will:<\/p>\n\n\n\n<ul><li>Allow Medicare to negotiate with drug manufacturers for the price of some Part D and Part B drugs (starting in 2026);<\/li><li>Cap beneficiary out-of-pocket Part D drugs costs at $2,000 per year (starting in 2025; in 2024, the 5% coinsurance for Part D catastrophic coverage will be eliminated);<\/li><li>Impose checks on the annual rise in costs of drugs and Part D premiums (limitations on drug prices start in 2023, and limitations on Part D premiums start in 2024);<\/li><li>Limit monthly out-of-pocket copays for insulin to $35 (starting in 2023); and<\/li><li>Expand access to the Part D low-income subsidy (\u201cExtra Help\u201d) (starting in 2024).<\/li><\/ul>\n\n\n\n<p>For a more detailed analysis, see this Kaiser Family Foundation report titled \u201c<a href=\"https:\/\/www.kff.org\/slideshow\/what-are-the-prescription-drug-provisions-in-the-inflation-reduction-act\/\">What Are the Prescription Drug Provisions in the Inflation Reduction Act<\/a>?\u201d (Aug. 11, 2022) and this article in <em>Health Affairs Forefront<\/em> titled &#8220;<a href=\"https:\/\/www.healthaffairs.org\/content\/forefront\/understanding-democrats-drug-pricing-package\">Understanding The Democrats\u2019 Drug Pricing Package<\/a>&#8221; by Rachel Sachs (Aug. 10, 2022).<\/p>\n\n\n\n<p><strong>The Center for Medicare Advocacy applauds Congress and President Biden for taking these considerable steps in improving prescription drug coverage for Medicare beneficiaries<\/strong>.<\/p>\n\n\n\n<p>The following implementation timeline of the prescription drug related provisions of the IRA is reproduced from materials from the Kaiser Family Foundation (found at the above link):<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"351\" src=\"https:\/\/medicareadvocacy.org\/wp-content\/uploads\/2022\/08\/IRA-timeline-Chart-KFF.jpg\" alt=\"IRA Timeline Chart - KFF\" class=\"wp-image-21781\" srcset=\"https:\/\/medicareadvocacy.org\/wp-content\/uploads\/2022\/08\/IRA-timeline-Chart-KFF.jpg 624w, https:\/\/medicareadvocacy.org\/wp-content\/uploads\/2022\/08\/IRA-timeline-Chart-KFF-300x169.jpg 300w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/><\/figure><\/div>\n\n\n<p><em>August 18, 2022 &#8211; D. Lipschutz<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Medicare drug provisions in the Inflation Reduction Act are historic reform that will benefit millions of beneficiaries.<\/p>\n","protected":false},"author":2,"featured_media":21781,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[33,37,54],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>President Biden Signs Inflation Reduction Act into Law \u2013 Includes Critical Medicare Prescription Drug Provisions - 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