Inflation presents a huge challenge for many Americans. It can be especially challenging for older people with high medical costs. Now that Congress has passed the Inflation Reduction Act (IRA) some are asking how this will impact Medicare recipients.
The bill covers a lot of territory with provisions intended to reduce inflation, lower the deficit, and enact changes to combat climate change. Additionally, there are a few key points to consider that will impact the healthcare system.
Significant changes under this bill include:
- Allowing Medicare to negotiate for lower prescription drug prices.
- Placing a cap on out-of-pocket expenses for Medicare patients.
- Instituting an inflation rebate system that limits drug cost increases to not exceed the actual inflation rate.
- Limiting Medicare Part D premium increases.
- Expanding premium and co-pay assistance on prescription drugs for low-income Americans.
The above is not a comprehensive list of what to expect from the Inflation Reduction Act, and there is currently debate about whether the act is the best economic move. You can read more about these changes here and form your own opinion.
We are all for helping seniors to more easily afford their daily needs against inflation. That is why we support a bill we call The Greatest Generation Benefits Act. This bill would significantly improv Social Security income for many Americans. Learn more about this crucial bill here.