The new law is the most significant health care legislation since the Affordable Care Act was passed more than a decade ago.
found that nearly 1 in 2 adults report difficulty affording their health care expenses, including their prescribed medications.
However, the changes won’t be immediate; many provisions aren’t slated to take effect for a few years.The Inflation Reduction Act allows the federal government to negotiate prices for some of the drugs that Medicare spends the most money on, a long sought-after goal by Democrats and some Republicans.
Starting in 2026, Medicare will begin negotiating the price of 10 drugs, followed by an additional 15 drugs in 2027, and eventually an additional 20 drugs in 2029 and beyond. The negotiation process applies to drugs covered under Medicare Part D that lack a generic or comparable alternative, though drugs under Medicare Part B will eventually be included.A list of the first 10 drugs selected for negotiation is expected to be made public in 2023, Neuman said.
The monthly cap is important, experts say, because patients usually need to buy multiple vials of insulin per month to maintain their health, which can sometimes cause costs to skyrocket.found that 14% of people who use insulin in the U.S. face what is described as a “catastrophic” level of spending on the medication, meaning that after paying for other essentials, such as food and housing, they spend at least 40% of their remaining income on insulin.
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