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

This brief highlights key provisions of the federal Inflation Reduction Act of 2022, recently signed into law by President Biden. The law includes several provisions to lower prescription drug costs for people with Medicare and reduce drug spending by the federal government, beginning in 2023. This brief examines the potential impact of these provisions for Medicare beneficiaries nationally and by state.