Read the fine print, it’s Part B, not Part D

HHS announces savings for some people with Medicare on 43 Part B prescription drugs

Just a tad misleading don’t you think?

About 7% of people on Medicare use Part B drugs.. Only 43 drugs are affected and according to CMS savings are between $1 and $149 per average dose.

It should also be noted that the coinsurance on Part B drugs is covered by Medigap policies in full except plans K and L further reducing the number of beneficiaries actually affected.
We seem to be shifting costs from Medigap to Medicare.

A continuing key priority of the Biden-Harris Administration is lowering prescription drug costs. Today, the Department of Health and Human Services, through the Centers for Medicare & Medicaid Services (CMS), announced the list of 43 prescription drugs for which Part B beneficiary coinsurances may be lower between July 1 – September 30, 2023. Some people with Medicare who take these drugs may save between $1 and $149 (looks like they made a type on the $149 unless the $449 didn’t hold true) per average dose starting July 1, depending on their individual coverage. Through the Inflation Reduction Act (IRA), President Biden and his Administration are lowering prescription drug costs for American seniors and their families.

CMS press release

Under the Inflation Reduction Act, people with Medicare may pay a lower coinsurance for some Part B drugs if the drug’s price increases faster than the rate of inflation. The lower Part B coinsurance on the listed drugs announced today will be in effect from July 1, 2023 to September 30, 2023. This coinsurance adjustment applies to certain drugs and biologicals paid under Medicare Part B. The Part B drugs impacted by this coinsurance adjustment may change quarterly.

Here is more clarification on how the rebate applies and why possible savings are on a quarterly basis.

As part of the new law, manufacturers are required to pay a rebate to Medicare if a drug’s price increase exceeds the rate of inflation. CMS intends to send the first invoices in 2025 to manufacturers for the rebates owed to Medicare in 2023 and 2024. Some people with Medicare Part B may pay lower coinsurance on 43 drugs, whose prices rose faster than the rate of inflation in a benchmark quarter. People who take these drugs may save between $1 and $449 per average dose between July 1 – September 30, 2023, depending on their individual coverage.

Oops, not $149, maybe not $449

The Biden Administration announced Thursday that the Inflation Reduction Act is continuing to lower out-of-pocket prescription drug costs for Medicare beneficiaries. As of July 1, 2023, coinsurances for 43 drugs will be lower for beneficiaries who take these medications. The savings will range from $1 to $372 per average dose, depending on the individual coverage.

https://www.thestreet.com/retirement-daily/social-security-medicare/biden-administration-announces-lower-out-of-pocket-prescription-drug-costs-for-43-drugs

See, the savings will vary each quarter, maybe

Medicare beneficiaries will have lower coinsurance for the 27 prescription drugs that raised prices faster than inflation in the last quarter of 2022. Seniors may see their out-of-pocket costs for these drugs decrease by $2 to as high as $390 per average dose starting April 1st.

The White House