Biden’s Inflation Reduction Act Unravels Medicare Part D – Pacific Research Institute

Biden’s Inflation Reduction Act Unravels Medicare Part D

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In May, Medicare bureaucrats released new guidance that details how they’ll conduct the drug pricing “negotiations” authorized by the 2022 Inflation Reduction Act. They’re mostly maintaining the policies in last year’s inaugural round of price setting—which means the quality of seniors’ Medicare Part D coverage will continue to deteriorate.

When President Biden signed the IRA in 2022, Democrats in Washington boldly promised the law would lower Medicare costs for America’s seniors. They touted the newfound ability of Medicare to set prices on popular drugs starting on January 1, 2026, along with the law’s $2,000 cap on annual out-of-pocket prescription costs and its 6% limit on yearly increases in Part D premiums. Among those drugs subject to the first round of controls are Eliquis, Jardiance, and Enbrel.

Unfortunately, they neglected to inform seniors who’s paying for those savings. The answer? Seniors themselves—through skyrocketing premiums hidden behind Washington accounting gimmicks.

Click to read the full article in Forbes. 

Nothing contained in this blog is to be construed as necessarily reflecting the views of the Pacific Research Institute or as an attempt to thwart or aid the passage of any legislation.

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