Inflation Reduction Act Lowers Medicare Advantage and Prescription Drug Plan Premiums in 2023
Under the Inflation Reduction Act, patients will pay lower premiums (https://www.hhs.gov/about/news/2022/10/14/biden-harris-administration-kicks-off-medicare-open-enrollment-with-lower-premiums-improved-benefits-for-2023.html) for the Medicare Advantage and Medicare Part D prescription drug plans during the 2023 coverage year, the Biden-Harris administration announced in September 2022. People with Medicare prescription drug coverage will also receive better and more affordable benefits (https://www.hhs.gov/about/news/2022/10/14/biden-harris-administration-kicks-off-medicare-open-enrollment-with-lower-premiums-improved-benefits-for-2023.html), including a $35 cost-sharing limit on covered insulin product (https://www.hhs.gov/about/news/2022/10/14/biden-harris-administration-kicks-off-medicare-open-enrollment-with-lower-premiums-improved-benefits-for-2023.html) and coverage for adult vaccines (https://www.hhs.gov/about/news/2022/10/14/biden-harris-administration-kicks-off-medicare-open-enrollment-with-lower-premiums-improved-benefits-for-2023.html) recommended by the Advisory Committee on Immunization Practices.
“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 (https://www.hhs.gov/about/news/2022/10/14/biden-harris-administration-kicks-off-medicare-open-enrollment-with-lower-premiums-improved-benefits-for-2023.html). “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 (https://www.hhs.gov/about/news/2022/10/14/biden-harris-administration-kicks-off-medicare-open-enrollment-with-lower-premiums-improved-benefits-for-2023.html). “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 (https://www.hhs.gov/about/news/2022/10/14/biden-harris-administration-kicks-off-medicare-open-enrollment-with-lower-premiums-improved-benefits-for-2023.html). Advocating for health policies that lower drug costs helps ensure all patients receive the medication (https://www.hhs.gov/about/news/2022/10/14/biden-harris-administration-kicks-off-medicare-open-enrollment-with-lower-premiums-improved-benefits-for-2023.html) necessary during cancer treatment and survivorship.