Inflation Reduction Act Continues to Lower Out-of-Pocket Prescription Drug Costs for Drugs with Price Increases Above Inflation

Today, the Department of Health and Human Services, through CMS, announced 43 prescription drugs covered under Medicare Part B that may have lower beneficiary coinsurances. From July 1, 2023, through September 30, 2023, some people with Medicare who take these drugs may save between $1 and $449 per average dose, depending on the beneficiary’s coverage. Under the Inflation Reduction Act, signed into law in August 2022, drug companies that raise their drug prices faster than the rate of inflation are required to pay a rebate to Medicare. Starting July 1, 2023, Medicare beneficiaries may pay a lower coinsurance for certain Part B drugs if the drug’s price increased faster than the rate of inflation in a benchmark quarter.