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Anticipated Changes
Medicare Prescription and Advantage Plans
The Inflation Reduction Act will make key changes to improve drug affordability for seniors and people with disabilities who have Medicare Part D. Starting in 2024, there will be a cap on annual out-of-pocket costs in Medicare Part D. In 2025, this annual cap will drop to $2,000 and will be indexed annually thereafter1. The law also provides for a mechanism to stabilize plan premiums in 2030 and subsequent years2. The Act includes provisions such as free vaccines, insulin prices capped at $35 a month, and a ceiling for prescription drug prices at $4,000 in 2024 and $2,000 in 20263. Additionally, the Act requires CMS to establish a Part D manufacturer discount program beginning on January 1, 20254.
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