(Photo: Shutterstock.com)

Some Medicare beneficiaries will soon be paying less for nearly 30 Part B prescription drugs with price increases higher than the inflation rate — thanks to the Inflation Reduction Act, which President Biden signed in August 2022.

According to the Department of Health and Human Services and the Centers for Medicare & Medicaid Services (CMS), people with Traditional Medicare and Medicare Advantage who use the 27 drugs affected may pay a reduced amount for their coinsurance during the second quarter of this fiscal year, beginning April 1 and running through June 30. Savings could be between $2 and $390 per average dose, depending on individual coverage. Drug manufacturers will be invoiced for the inflation rebates they owe Medicare beginning in 2025.



Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.