Inflation Reduction Act

The report from the U.S. Department of Health and Human Services’ ASPE features key findings from the first year of implementing IRA provisions regarding Medicare drug coverage. The report also includes information on the IRA implementation timeline, and highlights from research reports on the impact of the IRA on the following: caps on out-of-pocket costs for insulin; access to vaccines without cost-sharing; provisions regarding drugs covered under Medicare Part B; and Medicare Part D benefit redesign and out-of-pocket cap.

The CMS fact sheet notes the one-year anniversary of the Inflation Reduction Act (IRA) of 2022 and describes provisions in the law affecting Medicare and Marketplace plans, including a summary of milestones CMS has met. A list of public education tools to help people with Medicare and those who assist them in understanding the changes under the IRA are included.

On July 7, The U.S. Department of Health and Human Services (HHS) announced actions to protect consumers from junk health plans, surprise medical bills, and excess costs that lead to medical debt. HHS also released a new report projecting that nearly 19 million older adults and people with disabilities with Medicare will save on average $400 per year on prescription drug costs when the $2,000 out-of-pocket prescription drug spending cap from the Inflation Reduction Act (IRA) goes into effect in 2025...