The Medicare Agent Blog

Inflation Reduction Act Tamps Down on Prescription Drug Price Increases Above Inflation

The recently launched Medicare Prescription Drug Inflation Rebate Program provides protection to both people with Medicare and taxpayers against drug price hikes that exceed the inflation rate.

HHS announces savings for Medicare Beneficiaries on 27 Part B prescription drugs.

Are you looking for ways to help your clients save on prescription drug costs? If so, you’ll be interested in the Inflation Reduction Act recently passed by the Biden-Harris Administration.

The new Medicare Prescription Drug Inflation Rebate Program is designed to protect people with Medicare and taxpayers when drug companies increase prices faster than the rate of inflation. This program will help to reduce out-of-pocket costs for some people with Medicare and reduce Medicare program spending for costly drugs.

Starting on April 1, 2023, 27 prescription drugs for which Part B beneficiary coinsurances may be lower will be available for people with Medicare. Depending on their individual coverage, some people may save between $2 and $390 per average dose. This is great news for seniors and families who struggle to pay for expensive medications.

“The Biden-Harris Administration believes people with Medicare shouldn’t be on the hook when drug companies inexplicably jack up the prices of their drugs,” said HHS Secretary Xavier Becerra.

As an insurance agent, it’s important to keep up-to-date with the latest changes in healthcare policy so you can advise your clients on the best course of action. By staying informed about programs like the Medicare Prescription Drug Inflation Rebate Program, you can help your clients save money and get the healthcare they need.

Trusted American Insurance Agency is a National Marketing Organization (NMO) headquartered in Roseville, CA. Trusted American provides a full range of insurance and financial services products across all 50 states for all major and niche carriers, with a specialty in the Senior Marketplace.

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