Health Affairs August 12, 2024
The Inflation Reduction Act (IRA) could make prescription drugs more affordable for millions of US seniors. While many Medicare beneficiaries have heard about the law’s drug price negotiation provision intended to generate savings for Medicare, that’s not where the real action is on improving patient affordability. Medicare beneficiaries are generally unaware of other provisions of the law that could do substantially more to reduce their financial burden, especially the $2,000 annual out-of-pocket maximum for Part D enrollees. The Biden administration reported that beginning next year, these other IRA changes—distinct from price negotiations—will reduce out-of-pocket spending by more than $7 billion annually. This will impact more than a third of Medicare beneficiaries (nearly 20 million).
Associated with the yearly out-of-pocket cap,...
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