Inflation Reduction Act of 2022

Ensuring people with Medicare pay no more than $35 for a month’s supply of each covered insulin product

All 3.4 million Medicare Part D enrollees who filled an insulin prescription in 2023 received a monthly supply of insulin for $35 or less

Offering free recommended preventive vaccines with Medicare Part D prescription drug coverage

Expanding eligibility for the Low-Income Subsidy program, also known as Extra Help, to provide more enrollees with $0 premiums, $0 deductibles, and fixed, reduced copays

Requiring rebates to the Medicare program when prescription drug companies raise their prices faster than inflation

Lowering the enrollee’s share of costs for some Part B drugs with prices increasing faster than inflation for people with Traditional Medicare and Medicare Advantage

Allowing Medicare to negotiate with participating drug companies to get lower drug prices for certain drugs covered under Medicare

Completed first round of negotiations with the participating drug companies that manufacture all 10 drugs selected for the first cycle of negotiations

These negotiated prices range from 38 to 79 percent discounts off of list prices

About nine million people with Medicare use at least one of the 10 drugs selected for negotiation

Some people with Medicare prescription drug coverage now have their out-of-pocket drug costs capped at about $3,500

Nearly 1.5 million people with Part D hit the cap by June 30, 2024, and will have no additional cost-sharing on prescription drugs for the rest of the year

Starting in January 2025 everyone with Part D will have their out-of-pocket costs capped at $2,000