Inflation Reduction Act raises Medicare Part D prescription costs by 42-57%
by Julia SpencerWed, December 6th 2023, 8:30 AM EST
L PASO, Texas (KFOX14/CBS4)
Medicare will be increasing the cost of prescription drugs in Part D of their plans.
People enrolled in the Medicare Part D plan will see a 42% to 57% increase in price of their prescription drug medication, according to Healthview Services.
The increase is a result of the new Inflation Reduction Act that pans to lower out of pocket costs to $2,000 dollars in 2025 compared to $7,000 in 2023.
If a patient is enrolled in the premium Medicare plan, also known as Medicare Advantage, they will not be seeing an increase in their prescription drug plan because prescription drug costs are already embedded into the plan.
Read full article here