Inflation Reduction Act Lowers Medicare Advantage and Prescription Drug Plan Premiums in 2023

November 29, 2022 by Alec Stone MA, MPA, Former ONS Director of Government Affairs and Advocacy

“Today we’re delivering on our commitment to reduce healthcare costs for Americans, including 64 million people with Medicare,” Xavier Becerra, U.S. Department of Health and Human Services secretary, said ( “Thanks to President Biden’s Inflation Reduction Act, millions of Medicare enrollees will have lower prescription drug costs and improved benefits when they sign up this year. We will continue working to strengthen Medicare to ensure everyone gets the high-quality, affordable care they deserve.”

“The Inflation Reduction Act will provide much needed financial relief and increase access to affordable drugs,” Chiquita Brooks-LaSure, Centers for Medicare and Medicaid Services administrator, said ( “It is more important than ever for people to review their healthcare coverage and explore their Medicare options during open enrollment this year.”

Drug pricing is a critical factor that limits access to care. For patients with cancer, the out-of-pocket costs for prescription medications are often unaffordable, even for those with health insurance ( Advocating for health policies that lower drug costs helps ensure all patients receive the medication ( necessary during cancer treatment and survivorship.

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