How the Inflation Reduction Act Could Impact Your Prescription Drug Costs

Forty-eight million Americans use Medicare Part D to access their prescription medications, and according to a Department of Health and Human Services study from January of this year, more than 5 million Medicare beneficiaries are struggling to afford those prescriptions. But if enacted, the Inflation Reduction Act could soon bring those prices down. The legislation would give the federal government more bargaining power in Medicare negotiations with pharmaceutical companies and cap out-of-pocket spending on prescription drugs for covered Medicare recipients beginning in 2025. We’ll talk about the bill and how it could impact your prescription drug costs.