![]() ![]() Under the Medicare Part D program, which covers retail prescription drugs, Medicare contracts with private plan sponsors to provide a prescription drug benefit. Require the Federal Government to Negotiate Prices for Some Drugs Covered Under Medicare This brief summarizes these provisions and discusses the expected effects on people, program spending, and drug prices and innovation. Further delay implementation of the Trump Administration’s drug rebate rule, beginning in 2027.Expand eligibility for full benefits under the Medicare Part D Low-Income Subsidy Program, beginning in 2024.Eliminate cost sharing for adult vaccines covered under Medicare Part D and improve access to adult vaccines in Medicaid and CHIP, beginning in 2023.Limit monthly cost sharing for insulin to $35 for people with Medicare, beginning in 2023.Cap out-of-pocket spending for Medicare Part D enrollees and make other Part D benefit design changes, beginning in 2024.Require drug companies to pay rebates to Medicare if prices rise faster than inflation for drugs used by Medicare beneficiaries, beginning in 2023.Require the federal government to negotiate prices for some drugs covered under Medicare Part B and Part D with the highest total spending, beginning in 2026.The prescription drug provisions included in the Inflation Reduction Act will: CBO estimates that the drug pricing provisions in the law will reduce the federal deficit by $237 billion over 10 years (2022-2031). This legislation has taken shape amidst strong bipartisan, public support for the government to address high and rising drug prices. The Inflation Reduction Act of 2022, signed into law by President Biden on August 16, 2022, includes several provisions to lower prescription drug costs for people with Medicare and reduce drug spending by the federal government.
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