Inflation Act on Medicare Beneficiaries
Bob talks to Jae Oh, author of Maximize Your Medicare, about how the Inflation Reduction Act will have a positive impact on Medicare Beneficiaries.
Key Takeaways
- Starting in 2023, get all vaccines including COVID, shingles, and monkeypox at $0 cost—no co-pay
- Insulin co-pays are capped at $35 starting in 2023, regardless of the drug's actual cost
- In 2024, once you hit the catastrophic stage for Part D coverage, your costs drop to $0 instead of the current 5% co-insurance requirement
- In 2025, your total out-of-pocket prescription drug costs will be capped at $2,000 annually under Part D, providing budget certainty for retirement planning
- Medicare's direct drug price negotiation with pharmaceutical companies doesn't begin until 2026 and only covers an initial list of 10 drugs—don't expect immediate pricing changes from this provision
Bob talks to Jae Oh, author of Maximize Your Medicare, about how the Inflation Reduction Act will have a positive impact on Medicare Beneficiaries.
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