The Inflation Reduction Act shifted costs to drug plans and they are shifting those costs to you.
Key Takeaways
- Changes to the Part D benefit in the Inflation Reduction Act will mean lower out-of-pocket costs for Part D enrollees but higher costs for Part D plans overall, leading to concerns about possible premium increases.
- CMS is taking steps to mitigate potential premium increases through a new demonstration program for stand-alone drug plans, as well as payment changes designed to bring greater stability to the Part D market in 2025.
- The Inflation Reduction Act includes a provision to cap growth in the base beneficiary premium to 6%. For 2025, the base premium is $36.78, an increase of $2.08 or 6% over the 2024 base premium. Although this 6% cap doesn’t apply to the individual premiums that plans charge, it does help to limit premium increases.
- Actual Part D plan premiums for 2025 are not yet known and will be announced in September, but premiums are expected to vary, with lower monthly premiums for Medicare Advantage drug plans than stand-alone drug plans, on average, as in 2024.
- The annual open enrollment period, which runs from October 15 to December 7, presents an opportunity for Part D enrollees to compare plans and shop for lower-priced coverage that meets their needs.
Source: Kaiser Family Foundation Click on the link for more details.
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Congress people like to name and sell laws to the public that that SEEM to help out money problems for the general public. When companies or very rich people seem to be taxed, it’s all find its way down to the working middle class who pays. that’s how it works, folks!
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the corpse, when recently cognizant, let slip that the IRA was misnamed and had more to do with the new green deal and other spending issues–you can probably catch him saying this on you-tube–when I saw it I was not at all surprised as this what politicians do.
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I get it, the increased costs are meandering around until they land on somebody. So at the end of the day, how much inflation did the Inflation Reduction Act actually reduce?
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