Its big news for Medicare, which covers over 62 million Americans mostly seniors 65 and older.
Health care experts consider it the biggest overhaul of Medicare in at least 20 years.
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Heres how the Medicare portions of the Inflation Reduction Act could impact your prescription drug costs.
Its expected to provide major relief to Medicare beneficiaries.
Thats still a lot, she added.
But for many, this will be a big savings.
TheAARPestimates that 1.2 million Medicare enrollees spent more than $2,000 on drugs in 2019.
The Inflation Reduction Act changes that.
However, the roll out is staggered and somewhat limited.
The first wave of 10 drug price changes wont go into effect until 2026.
Price changes for additional drugs will be phased in during following years.
No official, publicly available list of drugs earmarked for negotiations is available.
Thats roughly $20,000 for a single person or $27,000 for a couple in 2022.
Currently, beneficiaries who fall in the 135% to 150% range receive partial Extra Help benefits.
Beneficiaries will be able to get this copay amount even if they havent met their yearly deductible yet.
The Trump Administration announced a $35 insulin program as part of aPart D Senior Savings Modelin May 2020.
The program officially launched January 2021.
The agency estimated that 800,000 enrollees who use insulin were enrolled in a participating plan in 2022.
Still, the Senior Savings Model had limitations.
For example, some types of plans werent eligible to participate, including privatefee-for-service plans.
Johnson said it is still not clear exactly how Medicare plans will implement the new requirement.
However, this proposal fell through during last-minute negotiations.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
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