December 23, 2022
Many Inflation Reduction Act Provisions Set to Take Effect in January
On August 16, 2022, President Biden signed the Inflation Reduction Act into law, setting into motion multiple provisions that will bring down skyrocketing prescription drug prices for millions of Americans.
Many of those provisions will begin in January including:
- Insulin co-pays will be capped at $35 per month for Medicare beneficiaries;
- All recommended adult vaccines will be free for Medicare beneficiaries;
- Corporations that raise the price of drugs sold to Medicare faster than the rate of inflation must pay rebates back to Medicare;
- The U.S. Department of Health and Human Services (HHS) must identify the 100 highest-priced drugs and select the first 10 for price negotiation
In addition, Medicare will begin to cover medically necessary dental procedures beginning in January. Also, over-the-counter hearing aids are available now, following an Executive Order signed by President Biden in October.
“It took many years of activism to get here, but in two weeks drug prices will finally begin to come down,” said Executive Director Fiesta. “Alliance members should be proud of the role they played in making this a reality.”