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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.
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