Inflation Reduction Act Reforms Medicare Prescription Drug Pricing, More
On Aug. 16, President Joe Biden signed the Inflation Reduction Act of 2022 into law. Along with multiple climate and tax provisions, the legislation allows Medicare to negotiate prescription drug prices and extends subsidies instituted by the Affordable Care Act through 2025.
The legislation also limits the out-of-pocket costs of drugs for seniors on Medicare to $2,000 per year starting in 2025 and places an insulin price cap for seniors at $35 per month, among other reforms, making it the most substantial drug pricing reform to pass at the federal level in over 20 years. Learn more.
Clinical Topics: Geriatric Cardiology
Keywords: Aged, Geriatrics, Patient Protection and Affordable Care Act, Prescription Drugs, Drug Costs, Health Expenditures, Politics, Insulins
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