In August 2022, the Inflation Reduction Act (IRA) was passed. Among other items it will lower prescription Drug Costs for Seniors.
The Inflation Reduction Act (IRA) will help close the gap in access to medication by improving prescription drug coverage and lowering drug prices in Medicare.
The Law:
- Caps the amount that seniors will have to pay for prescription drugs they buy at the pharmacy at $2000 a year.
- Caps the amount that seniors will pay for insulin at $35 for a month’s supply.
- Provides access to a number of additional free vaccines, including the shingles vaccine, for Medicare beneficiaries.
- Will further lower prescription drug costs for seniors by allowing Medicare to negotiate the price of high-cost drugs and requiring drug manufacturers to pay Medicare a rebate when they raise prices faster than inflation.
From CMS.gov/newsroom, People with Medicare drug coverage will pay nothing out-of-pocket for adult vaccines recommended by the Advisory Committee on Immunization Practices (ACIP), including the shingles and Tetanus-Diphtheria-Whooping Cough vaccines, starting in 2023.
Inflation Reduction Act (IRA)