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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.
Click here to learn more about the Inflation Reduction Act and what it means for you. 

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