Inflation Reduction Act Signed into Law
Today, leaders of the Centers for Medicaid & Medicare Services (CMS) issued the following statements after President Biden signed the Inflation Reduction Act into law:
CMS Administrator Chiquita Brooks-LaSure: “The historic Inflation Reduction Act builds on the Biden-Harris Administration’s efforts to meaningfully lower health care costs for people across the country. Millions of people with Medicare coverage will benefit from lower drug prices, a $35 monthly co-pay cap for insulin, a limit on out-of-pocket expenses in Medicare Part D, and reduced costs under Medicare’s new ability to negotiate drug prices in the years ahead. In addition, the enhanced tax credits for the Affordable Care Act Marketplaces will continue for three years to help people afford their premiums and connect to coverage during the upcoming 10th Open Enrollment Period. CMS will be working with people covered by our programs, health industry stakeholders, states, and more as we work to make the law a reality for people across the country.”
Highlights Inflation Reduction Act
- Free vaccines for seniors
- Limit on Medicare out-of-pocket drug costs to $2000 a year
- Penalties on drug companies if they increase prices faster than inflation
- Medicare can negotiation prices of certain costly medications
- Cheaper insulin
CMS Deputy Administrator and Director of the Center for Medicare Dr. Meena Seshamani: “The Center for Medicare is ready to implement the historic provisions within the Inflation Reduction Act. We’re working closely with the HHS Secretary and the CMS Administrator to hit the timelines outlined in the law. The Inflation Reduction Act’s historic reforms will provide financial relief to the millions of seniors and people with disabilities who are struggling to afford the life-saving drugs they need and deserve. Expanded access and improved benefits including a $35 monthly insulin co-pay cap, a limit on out-of-pocket expenses in Medicare Part D, free vaccines and reduced costs under Medicare’s new ability to negotiate drug prices will ensure Medicare is more affordable and equitable both now and for future generations.”
CMS Deputy Administrator and Director of the Center for Consumer Innovation and Insurance Oversight (CCIIO) Dr. Ellen Montz: “The passage of the Inflation Reduction Act means millions across the country will continue to see substantial savings, ensuring critical access to insurance coverage and allowing consumers to keep more money in their pockets. Under the leadership of the HHS Secretary and the CMS Administrator, CCIIO is excited to make these savings available to the American people during the upcoming Open Enrollment period starting November 1, 2022.”
HHS Secretary Xavier Becerra issued a statement on the signing of the Inflation Reduction Act linked here: https://www.hhs.gov/about/news/2022/08/16/statements-hhs-secretary-xavier-becerra-cms-administrator-chiquita-brooks-lasure-on-president-biden-signing-inflation-reduction-act-into-law.html
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