Facts about Healthcare for the 2024 Election
The Inflation Reduction Act of 2022 contained many provisions regarding costs for Medicare beneficiaries with Part D (54 million participants) and participants in Medicare Advantage programs that have a prescription drug plan.
The reduction of the price of the first 10 medications has been negotiated and will be effective on January 1, 2026
Januvia
FlexTouch, PenFill, Novolog
Farxiga
Enbrel
Jardiance
Stelara
Xarelto
Eliquis
Entresto
Imbruvica
The legislation also capped Medicare patients’ monthly out-of-pocket costs for insulin at $35.
The legislation also established the first ever cap on out-of-pocket yearly drug costs. Beginning in 2025, Part D enrollees’ out-of-pocket drug costs will be capped at $2,000.
It is estimated that if this reduction had been in place in 2023 it would have saved Medicare $6 billion in net covered prescription drug costs.
Not one Republican in Congress voted for this legislation.
The second cycle of drug price negotiations will occur during 2025 with implementation in 2027.
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