Many will be feel relief from Medicare changes

Will the Inflation Reduction Act help you?

AARP is explaining how the Inflation Reduction Act will help seniors — especially those dependent on insulin. The Act is aimed at addressing inflation by reducing the deficit, investing in domestic energy production, and lowering drug prices.

(Article from AARP) For the first time in Medicare’s history, the amount of money that beneficiaries in drug plans will have to pay for their prescriptions each year will be capped, thanks to provisions of the Inflation Reduction Act of 2022. The new law makes other changes to the program’s Part D drug benefits, including putting a limit on out-of-pocket payments for insulin and making vital vaccines free. 

“There was previously no limit on how much a person on Part D could have to pay in a given year,” says Nancy LeaMond, AARP’s executive vice president and chief advocacy and engagement officer. “And 1.3 million enrollees spent more than $2,000 in 2020.”  

As with many of the other provisions in the new law, the changes to Part D out-of-pocket spending will roll out over the next several years. Here’s a look at how the new cost-sharing rules will work and when the savings will start. 

>>Read the rest — click here to go to AARP.com