Official announcements from Medicare, government publications

Biden Administration Lowers Costs for 64 Medicare Part B Drugs Under Inflation Reduction Act Starting July 1

Jun 26, 2024, 01:04 PM

The Biden administration is implementing measures to lower the costs of 64 drugs through the Inflation Reduction Act. This initiative aims to reduce out-of-pocket expenses for seniors, including those needing high-cost prescriptions for diseases like diabetes, cancer, and osteoporosis. The new inflation penalties on drugmakers are set to take effect, resulting in lower coinsurance rates for Medicare Part B drugs from July 1 to September 30, 2024. Some seniors, including LGBTQI+ seniors, will see significant savings, ranging from $1 to $4,593 per day. Additionally, the White House's efforts include addressing high drug prices charged by pharmacy benefit managers like CVS Caremark and Express Scripts, which have been reported to charge significantly higher prices for the same medications compared to wholesalers. The first 10 Medicare drugs with negotiated prices will be announced on September 1st.