Forbes November 14, 2024
The Inflation Reduction Act of 2022 introduced significant changes to the Medicare Part D prescription drug program, affecting tens of millions of seniors and other Medicare beneficiaries. Early evidence has now emerged, offering the public a glimpse into the law’s scorecard.
The law changed certain benefit designs for Medicare Part D standalone prescription drug plans, including a lower cap on out-of-pocket spending and a new cap on premium growth rates. These changes were initially estimated to cost taxpayers $30 billion over a decade.
The law also introduced price controls for prescription drugs under Medicare, which were anticipated to save taxpayers $160 billion over ten years. Congress used the projected $130 billion net savings to fund green energy initiatives.
However, a...
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