Casey: Inflation Reduction Act is Already Helping Seniors Save on Prescription Drugs
New list shows 27 prescription drugs under Medicare Part B will be subject to Inflation Reduction Act’s inflation rebate
Casey, colleagues sent a request to the Biden Administration to publicize the list of Part B drugs subject to coinsurance reduction
Washington, D.C. - Today, U.S. Senator Bob Casey (D-PA) is releasing a statement regarding the Centers for Medicare & Medicaid Services (CMS) announcement that—because of the Inflation Reduction Act (IRA)—people with Medicare may see lower out-of-pocket costs for 27 Part B drugs and biologicals with prices that have increased faster than the rate of inflation.
Yesterday, Senator Casey and 21 Senators sent a request to the Biden Administration to release the list of Medicare Part B medications that will be subject to a coinsurance reduction as well as the percentage and amount of the coinsurance reduction for each Part B drug.
“Democrats fought hard to lower the cost of prescription drugs in the Inflation Reduction Act. This landmark law is already helping seniors and families save on prescription drug costs and penalizing drug manufacturers who hike up prices. I pushed for the Administration to help Medicare beneficiaries plan for lower cost-sharing on Part B medications, and I’m encouraged to see that quickly become a reality,” said Senator Casey. “The Inflation Reduction Act is not the end of the conversation, but the beginning. Democrats are going to keep fighting to lower everyday costs for Americans and ensure that families don’t have to choose between their health and their bank account.”
The IRA requires drug companies to pay rebates to Medicare when prescription drug prices increase faster than the rate of inflation for certain drugs furnished to people with Medicare. CMS has identified 27 drugs that will have an adjusted coinsurance rate based on the inflation-adjusted payment amount. People with Traditional Medicare and Medicare Advantage who use these drugs may, depending on other health coverage they may have, pay a reduced amount for their coinsurance starting on April 1. For these drugs, the beneficiary coinsurance will be 20 percent of the inflation-adjusted payment amount, which will be less than what the beneficiary would pay in coinsurance otherwise. After June 30, beneficiaries can expect future coinsurance reductions if manufacturers do not stabilize their prices.
