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CAPTION: Medicare Moment
with Phil Moeller – author, journalist and Medicare and retirement expert
CAPTION: The Inflation Reduction Act and Medicare
Cut to Phil Moeller.
Phil Moeller: Hi, I’m Phil Moeller.
Medicare consumers will be getting new financial protections on drug expenses, following passage last August of a law called the Inflation Reduction Act.
CAPTION: Inflation Reduction Act
Phil Moeller: First, let’s look at more immediate impacts.
In 2023, the cost to consumers of insulin in Part D drug plans will be capped at $35 a month for covered insulin, with no deductibles.
CAPTION: In 2023, the cost of insulin in Part D plans will be capped at $35 (with no deductibles)
Phil Moeller: Many private insurers have had this cap in place the past couple of years.
And for all drugs under the new law, pharma companies must pay stiff penalties if they increase prices by more than the general rate of inflation.
CAPTION: Under the new law, pharmacy companies must pay stiff penalties if they increase prices
By more than the general rate of inflation
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In 2024, people with high drug costs will no longer have to pay 5 percent for their drugs when they are in what’s called the catastrophic phase of their Part D plan. Also at this time, Medicare low-income drug support payments will be expanded.
CAPTION: In 2024, people with high drug costs will no longer have to pay 5% for their drugs
CAPTION: Medicare low-income drug support payments will also be expanded
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Here’s additional good news when it comes to prescription drug coverage. From the years 2024 to 2030, annual Part D premium increases can be no more than six percent.
CAPTION: Good news when it comes to prescription drug coverage…
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CAPTION: From 2024-2030, annual Part D premium increases can be no more than 6%
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What’s more – in 2025, out-of-pocket drug costs will be capped at $2,000 a year. In 2026, for the first time, Medicare will have the right to negotiate drug prices with pharmaceutical companies.
CAPTION: In 2025, out-of-pocket costs will be capped at $2,000 a year
Show image of a pill case.
CAPTION: In 2026, for the first time, Medicare will have the right to negotiate drug prices
Phil Moeller: Stay tuned for further details from Medicare as we near the effective dates of these new provisions.
CAPTION: Stay tuned for effective dates
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Cut back to Phil Moeller.
Phil Moeller: But it’s clear there’s good news ahead for Medicare consumers.
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