The Inflation Reduction Act, passed by Congress in 2022 under the Biden Administration introduced several changes to Medicare. Here are some highlights:

1/1/2023 – Beneficiaries with Medicare drug coverage will not pay more than $35 for a month’s supply of insulin that is covered by their plan. The Part D deductible won’t apply to the covered insulin product.

1/1/2023 – Additional vaccines recommended by the Advisory Committee on Immunization Practices (ACIP) will be covered at no cost to beneficiaries with Medicare Part D. This includes the shingles vaccine.

1/1/2024 – Beneficiaries with Medicare drug coverage who fall into the catastrophic phase of prescription drug benefit will not have to pay any coinsurance or copayments. In 2023, the cost sharing in catastrophic coverage was the greater of: 5% of the cost or $4.15 copay for generics and $10.35 copay for all other drugs.

1/1/2024 – Eligibility for the low-income subsidy program (also called the LIS or “Extra Help) will be expanded to certain people with limited resources who earn less than 150% of the federal poverty level.

1/1/2025 – An out-of-pocket maximum of $2,000 is introduced to Medicare Part D plans. Beneficiaries will also have the option to pay Part D costs in monthly amounts instead of when they are incurred.

To see the full timeline, go to https://www.cms.gov/files/document/10522-inflation-reduction-act-timelin...

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By: Steven Thomas Smith

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