The New Help for Medicare Beneficiaries with High Drug Costs That Few Seem to Know About

(By Juliette Cubanski and Tricia Neuman for the Kaiser Family Foundation Published: Dec 12, 2023)

The Inflation Reduction Act of 2022 includes several provisions to lower out-of-pocket drug costs for people with Medicare. Some provisions of the law have already taken effect, including a $35 cap on monthly cost sharing for insulin and free vaccines under Part D, Medicare’s outpatient drug benefit. Medicare’s new drug price negotiation program is also getting underway, with negotiated prices first taking effect in 2026. And a new cap on Part D out-of-pocket prescription drug costs for people with Medicare takes effect in January 2024 – a change that will save thousands of dollars for people who take high-cost drugs. Continue reading here…

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