Inflation Reduction Act impacts on Medicare
The Inflation Reduction Act was signed into law in August 2022.
There are some impacts to Medicare that start in 2023. Here’s a few key things to know:
2023
Adult vaccines will be covered by Medicare part D starting in 2023.
2 main impacts to this are Shingles and Tetanus will be covered by your Medicare Part D plan. You will likely need to get it from a pharmacist instead of your doctor’s office but great news since you won’t have a copay for that.
2024
There are 4 stages to Medicare drug plans including the Catastrophic stage. This comes after the donut hole which is officially called the Coverage Gap. During the Catastrophic stage you pay 5% of the cost of your medications.
1. Good news is starting in 2024, you will pay $0 to fill your prescriptions if you reach the catastrophic stage.
2. Also new for 2024 is any insulin covered by a Medicare drug plan will be capped at $35 copay for a 30 day supply. This is true regardless if you have reached your deductible or not. And it also applies if you reach the Donut Hole.
3. Starting in 2024, Medicare Part D premiums cannot increase more than 6% each year.
2025
All Medicare Part D plans will have a $2,000 maximum out of pocket limit. This is the most you will spend to fill your prescriptions.
That amount does not include premiums you pay for having your plan. But it does include your costs to fill prescriptions such as your deductible and copay.
2026-2029
Starting in 2026 Medicare will be able to negotiate the prices for certain prescription medications. Each year from 2026 – 2029 Medicare will negotiate the prices of more prescriptions.
Medicare drug plans will continue to be limited to no more than a 6% increase in premium each year.
Click the button below or complete the form to set up time with me to talk about your prescription drug coverage.