MEDICARE beneficiaries are now seeing reduced prices on a variety of prescriptions.
Eligible Americans don’t need to sign up to save thousands with the discounts.
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Americans with Medicare will now pay less for 64 drugs available through Medicare Part B, according to the U.S. Department of Health and Human Services, or HHS.
The agency announced prescriptions will have reduced coinsurance costs from July 1, 2024 to September 30, 2024.
The Medicare Prescription Drug Inflation Rebate Program is part of the Inflation Reduction Act.
Rebates were created because pharmaceutical companies raised drug costs faster than inflation.
HHS shared that each year more than 750,000 Medicare beneficiaries use these drugs, which are used to treat conditions such as osteoporosis, cancer and infections.
“Without the Inflation Reduction Act, seniors were completely exposed to price increases from big pharmaceutical companies. No more. Thanks to President Biden and the new Medicare inflation reduction program, seniors are protected and benefit from lower Part B drug costs,” said White House Domestic Policy Advisor Neera Tanden.
What is a discount?
In the context of Medicare, a rebate is a partial reimbursement or discount on prescription drug costs.
The rebate program aims to reduce out-of-pocket expenses for Medicare beneficiaries by reimbursing a portion of drug costs that exceed inflation-adjusted limits.
The program was developed to help seniors and people with disabilities purchase medicines with ease.
DRUG DOLLARS
Thanks to the Medicare Prescription Drug Inflation Rebate Program, Medicare B beneficiaries who use the affected drugs can save between $1 and $4,593 per day during the program’s runtime.
64 Medicare Part B drugs are included in the discount.
Most of these are outpatient prescription medications that are not typically self-administered at home but require professional administration in a medical setting.
Americans are not required to take steps to receive the discount, an HHS spokesperson said CNET.
“Individuals with Medicare Part B coverage may see lower coinsurance payments for these drugs starting July 1,” the HHS spokesperson said.
“No action is required from registrants to benefit from this discount.”
MORE SAVINGS
In addition to creating the Medicare Prescription Drug Inflation Rebate Program, the Inflation Reduction Act saved Americans money on prescriptions in other ways.
Those with Medicare Part D have expanded eligibility for all low-income subsidy program benefits.
This means more low-income Americans can access medicines at a more affordable cost.
Additionally, annual out-of-pocket costs were capped at about $3,500 for eligible Medicare Part D beneficiaries in early 2024.
Before January of this year, direct costs were not capped.
Thanks to the Reducing Inflation Act, all Medicare Part D beneficiaries will see a $2,000 cap on annual out-of-pocket prescription drug costs in 2025.
In related news, Americans will receive up to $1,000 in free cash from a $266 million rebate fund.
Additionally, families can claim payments of up to $1,500 in free money from a “savings” program.
This story originally appeared on The-sun.com read the full story
