How Will the Prescription Drug Provisions in the Inflation Reduction Act Affect Medicare Beneficiaries?

(By Juliette Cubanski, Tricia Neuman, Meredith Freed, and Anthony Damico for Kaiser Family Foundation Published: Aug 18, 2022)

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022, which includes a broad package of health, tax, and climate change provisions. The law includes several provisions to lower prescription drug costs for people with Medicare and reduce drug spending by the federal government. These provisions will take effect beginning in 2023 (Figure 1). This brief examines the potential impact of these provisions for Medicare beneficiaries nationally and by state. Continue reading here…

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