Inflation Reduction Act. This historic law extends Marketplace affordability, caps the cost of insulin at $35 per month for people with Medicare, and improves access to affordable prescription drugs for millions of Americans.
The Inflation Reduction Act extends enhanced financial help to purchase plans on HealthCare.gov and State-based Marketplaces, saving enrollees money on their premiums. National estimates show that, on average, consumers receiving tax credits continue to save over $800 in premiums per year. In 2021, about 3.4 million people received vaccines under Part D, and annual out-of-pocket costs were $234 million. This would have translated to nearly $70 in savings on out-of-pocket spending per Medicare enrollee receiving a vaccine covered under Part D if the new vaccine provisions had been in effect.The Inflation Reduction Act will make key changes to improve drug affordability for seniors and people with disabilities who have Medicare Part D.