Forbes May 31, 2024
In May, Medicare bureaucrats released new guidance that details how they’ll conduct the drug pricing “negotiations” authorized by the 2022 Inflation Reduction Act. They’re mostly maintaining the policies in last year’s inaugural round of price setting—which means the quality of seniors’ Medicare Part D coverage will continue to deteriorate.
When President Biden signed the IRA in 2022, Democrats in Washington boldly promised the law would lower Medicare costs for America’s seniors. They touted the newfound ability of Medicare to set prices on popular drugs starting on January 1, 2026, along with the law’s $2,000 cap on annual out-of-pocket prescription costs and its 6% limit on yearly increases in Part D premiums. Among those drugs subject to the first round of...
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