Inflation Reduction Act Targets Health Care Costs for Seniors
Signed into law by the Biden Administration on August 16, 2022, the Inflation Reduction Act (IRA) seeks to curb inflation through various means, one being lowering the costs incurred by Medicare beneficiaries for their health care.
Expanding Medicare benefits, the IRA lowers prescription drug costs and health care costs for seniors by:
Capping prescription drug costs at the pharmacy at $2,000 per year
Capping the cost of insulin at $35 per month
Increasing the number of free vaccines available to beneficiaries
Lowering prescription drug prices by allowing Medicare to negotiate the price of high-cost drugs
Lowering monthly premiums on the ACA marketplace