Inflation Reduction Act’s Catastrophic Coverage Phase of Medicare Begins
January 1, 2024
The Inflation Reduction Act provided a prescription drug benefit effective January 1, 2024 for people with Medicare prescription drug coverage who fall into the catastrophic phase. They will no long have to pay any co-payments or coinsurance while in the catastrophic phase for prescription drugs covered by Medicare.
Additionally, according to the Centers for Medicare and Medicaid Services
, the following changes will be implemented throughout 2024:
- The average premium increase across most Part D plans will be limited to 6% over the previous year, effective January 1, 2024.
- The low-income subsidy program (LIS) under Medicare Part D will be fully available to people with Medicare who earn less than 150% of the federal poverty level starting in 2024.
- A cap on the Part B payment amount for new biosimilars when the average sales price data Is not available will begin July 1, 2024.
- CMS will publish the maximum fair prices negotiated for the first 10 Medicare Part D drugs selected for negotiation by September 1, 2024.
to learn more about the Inflation Reduction Act and what it means for you.
Multiple sclerosis is an unpredictable disease of the central nervous system. Currently there is no cure. Symptoms vary from person to person and may include disabling fatigue, mobility challenges, cognitive changes, and vision issues. An estimated 1 million people live with MS in the United States. Early diagnosis and treatment are critical to minimize disability. Significant progress is being made to achieve a world free of MS.
The National MS Society, founded in 1946, is the global leader of a growing movement dedicated to creating a world free of MS. The Society funds cutting-edge research for a cure, drives change through advocacy and provides programs and services to help people affected by MS live their best lives. Connect to learn more and get involved: nationalMSsociety.org, Facebook, X, formerly known as Twitter, Instagram, YouTube or 1-800-344-4867.