The Inflation Reduction Act is a bipartisan bill that was recently passed and signed into law by President Barack Obama. It aims to protect seniors from rising health care costs by reducing cost sharing for prescription drugs and vaccines. It also gives tax breaks for efficiency upgrades and for investments in climate and energy.
Cost-Sharing Limits For Prescription Drugs
The Inflation Reduction Act of 2022 will lower prescription drug costs for Medicare beneficiaries. It will also extend premium subsidies for the Affordable Care Act marketplaces. It includes important reforms to the Medicare drug pricing policy. The Congressional Budget Office estimates that the Act’s provisions will reduce federal deficits by $237 billion over the 10-year period it is in effect. But it will have a modest impact on Medicare’s share of total costs.
The Act will allow the Health and Human Services secretary to negotiate with manufacturers for prices for high-priced, single-source brand-name drugs. The law will also allow the Secretary to negotiate the prices of 10 other Part D drugs in the first year and 20 in the second. Several studies have evaluated the effect of cost-sharing policies on prescription drug use. They show that increased cost-sharing for prescription drugs led to a reduction in the use of essential drugs and an increase in the incidence of serious adverse events.
Tax Breaks To Incentivize Efficiency Upgrades
The inflation reduction act is a bill passed by Congress that expands several key tax breaks and provides financial incentives to help the United States transition to cleaner energy sources. This legislation, which passed the House last Friday, is aimed at curbing climate change, making electricity more affordable, and providing financial incentives for individuals and businesses to take action.
IRA includes two new tax breaks, one for home energy upgrades, and one for electric vehicles. These rebates are geared toward lowering the sticker prices of energy efficient appliances and renovations, and are targeted at lower and middle income households. Home energy efficiency improvements are eligible for a tax credit that is retroactive for projects completed in 2022. Consumers can claim a maximum of 30 percent of the total cost of the project.
Medicare Beneficiaries Protected From Catastrophic Drug Costs
The Inflation Reduction Act of 2022 contains several significant provisions that will reduce the costs of prescription drugs for Medicare beneficiaries. These include a new manufacturer discount program and a cap on out-of-pocket spending.
The manufacturer discount program will provide a 20 percent discount on the negotiated price of brand-name drugs for Part D enrollees who have reached their deductible. Those who have not yet reached their deductible will receive a 10% discount. This will be offset by a $2,000 spending cap, which is adjusted each year based on the rate of increase in per capita Part D drug spending.
For high-cost specialty drugs, such as cancer medications and medications for hepatitis C, the savings could be substantial. The Office of the Actuary estimates that a subset of Medicare beneficiaries will see a dramatic decline in out-of-pocket spending.
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The Inflation Reduction Act (IRA) passed the House of Representatives on Friday and now heads to President Biden’s desk. This new law provides a host of programs and measures to help American consumers cut their energy bills and improve the nation’s transportation infrastructure. These include major new funding for energy storage and energy storage systems, renewable energy, and a number of other initiatives aimed at combating climate change.