On Medicare? Here’s How Congress Will Change Everything
(TruthandLiberty.com) – Democrats in the US Senate passed the Inflation Reduction Act on a partisan vote on Sunday, August 6. The bill now sits in the House. While it’s likely to pass on party lines, the proposal may not be as easy to get through the lower chamber as some on the Left hope. One promising piece of the $400 billion legislative package empowers Medicare to negotiate prescription drug prices with pharmaceutical companies.
In 2020, Medicare recipients spent, on average, at least $2,700 for their medications out of pocket. If the bill were to pass into law without any changes from the House, starting in 2023, people on the government health plan who needed insulin would pay a maximum of $35 per month. The following year, those with high drug expenses might qualify for “catastrophic coverage” and receive a 5% cost waiver on each prescription. By 2025, the legislation would cap out-of-pocket expenses at $2,000 per year.
Starting in 2025, Medicare recipients with prescription drug coverage will not have to pay more than $2,000 annually for medications.
"For people needing high-cost drugs, this will provide significant financial relief," one expert said. https://t.co/S2R9V9Y80Y
— The New York Times (@nytimes) August 10, 2022
That’s not all. In 2026, the Medicare insurance fund would begin negotiating the cost of up to 10 retail drugs to drive prices down. No later than 2029, the law would increase the plan’s purchasing power to include 20 retail and 20 doctor-administered medications.
Experts say the bill would save the government billions of dollars and offer retirees peace of mind.
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