March 21, 2023
Biden-Harris Administration Acts to Decrease Costs for 27 Medication
On Wednesday, the Division of Well being and Human Providers (HHS), via the Facilities for Medicare & Medicaid Providers (CMS), introduced 27 prescribed drugs for which Medicare Half B beneficiary coinsurances could also be decrease from April 1 – June 30, 2023. As a consequence of President Biden’s Inflation Discount Act, the brand new legislation to decrease prescription drug prices, some folks with Medicare who take these medication could save between $2 and $390 on common, relying on their particular person protection.
Drug companies hiked the value for 27 medication final quarter sooner than the speed of inflation, and should pay the distinction on these medicines to Medicare. President Biden mentioned that along with these 27 medication, extra drug worth cuts are coming.
The Medicare Prescription Drug Inflation Rebate Program is likely one of the many essential instruments Medicare now has to deal with rising drug prices. By decreasing coinsurance for some folks with Half B protection and discouraging drug corporations from rising costs extra briskly than inflation, HHS can decrease out-of-pocket prices for some folks with Medicare and cut back Medicare program spending for pricey medication.
Illinois Alliance Treasurer Katie Jordan spoke at an occasion on Friday in Evergreen Park, Illinois with HHS Secretary Xavier Becerra touting the developments.
“I’m 95 years previous, so I’ve had an opportunity to see a number of issues,” mentioned Ms. Jordan. “I do know when a legislation really modifications folks’s lives. And President Biden and Congressional Democrats’ Inflation Discount Act is doing that in a lot of methods.”