Inflation Reduction Act Continues to Lower Out-of-Pocket Prescription Costs for Drugs with Price Increases Above Inflation

June 12, 2023

Inflation Reduction Act Continues to Lower Out-of-Pocket Prescription Costs for Drugs with Price Increases Above Inflation

Today, the Department of Health and Human Services, through the Centers for Medicare & Medicaid Services (CMS), announced the list of 43 prescription drugs for which Part B beneficiary coinsurances may be lower between July 1 – September 30, 2023. Some people with Medicare who take these drugs may save between $1 and $449 per average dose starting July 1, depending on their individual coverage.

The Medicare Prescription Drug Inflation Rebate Program is one of the many important tools Medicare has to address rising drug costs. By reducing coinsurance for some people with Part B coverage and discouraging drug companies from increasing prices faster than inflation, this policy may lower out-of-pocket costs for some people with Medicare and reduce Medicare program spending for costly drugs.

CMS has released information about these 43 Part B drugs and biological products in the quarterly Average Sales Price (ASP) public files, available here. A fact sheet is available here

See the initial guidance detailing the requirements and procedures for the Medicare Prescription Drug Inflation Rebate Program here