In August 2022, the Inflation Reduction Act was signed into law to help inflation by reducing healthcare costs and lowering prescription drug costs (amongst other reductions).
We have recently been receiving a lot of questions about the Inflation Reduction Act and how that will impact Medicare.
The answer is it’s not entirely clear yet.
I was working with my client Suzanne a few weeks ago, and Suzanne has a lot of medications, and she’s been nervous about the cost she will incur for them.
We talked in length about the Inflation Reduction Act, and I told Suzanne that it would save some people money, but I am unsure how much it would help everyone.
With that said, there are some good things that around coming out about this Act like:
- Insulin cost reduction
- Rules about increasing copays
- Certain medications will benefit
So my point is this, I like to think that the Inflation Reduction Act will help lower the cost of some medications, but based on what I’ve seen, besides insulin, there hasn’t been a significant impact on most people.
I’m still not entirely convinced that the Inflation Reduction Act will solve the high medication costs problems we currently have.
So unfortunately, if you are holding out that this Act will save you money, I hate to be the bearer of bad news, but I don’t think it will.
Hopefully, at some point, they will release more details to us to clarify the benefits, but until then, this is what we know. The moment we learn any new information, we will keep you updated.
With all of this said, if you have any Medicare questions, please respond to this email with them, and I can try to get them answered for you.
Medicare is complicated, but it doesn’t have to be.
We are an independent Medicare expert providing unbiased Medicare guidance so that you can easily make your RIGHT Medicare decision.
To get help with your Medicare decision, you can register for my next free online Medicare workshop by going here: https://join.themedicarecoach.com/free-workshop
