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How the Inflation Reduction Act Is Affecting Medicare Part D Drug Costs
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In an ironic move, it’s likely that Medicare Part D insurance premiums will rise next year even as a 2022 law sought to lower costs for patients, but the administration is planning on implementing a program to stabilize the market.
Under the 2022 law, insurers must now make up the difference between costs formerly covered by patients and are raising drug premiums to compensate, explains host Stephanie Kennan. Join her as she explains the changes facing insurers and the efforts the government is making to stabilize the market during the transition brought about by the 2022 Inflation Reduction Act.
Meet Your Host
Name: Stephanie Kennan
Title: Senior Vice President, Federal Public Affairs at McGuireWoods Consulting
Specialty: Stephanie Kennan helps clients navigate the legislative and executive branches of the federal government to solve problems involving a variety of healthcare policy issues. Her work focuses on providers, medical device manufacturers, drug manufacturers and associations concerned about Medicare and Medicaid reimbursement.
Connect: LinkedIn
Episode Highlights
[00:47] Insurers will be expected to make up the difference between what Medicare Part D patients used to pay and what they will pay beginning next year. The government will help defray the cost.
[01:22] The administration’s program designed to help defray costs is expected to cost $5 billion if all Medicare Part D plans participate, but enrollment is not yet certain.
[03:11] Under the Inflation Reduction Act, when patients meet a spending cap, plans will pay a higher percentage than before, and drug manufacturers will be required to provide a discount.
[05:01] A new Part D stabilization demonstration has three components for prescription drug plans that participate: lowering the base cost of the beneficiary premium; limiting Part D premium increases, and narrowing the upper threshold of risk corridors while increasing government risk-sharing.
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