Some Medicare recipients may soon pay less for prescription drugs.
On Friday, the Department of Health and Human Services announced that 43 prescription drugs may have lower copays for Medicare Part B beneficiaries between July and September.
This could save Medicare recipients taking the drugs listed here between $1 and $449 on average.
It’s part of the Biden administration’s inflation-reduction law, which aims to lower the price of prescription drugs if their prices rise faster than inflation. These 43 drugs had prices that increased more than the rate of inflation in a benchmark quarter.
Although the price adjustment is only effective from July 1 to September 30, the rate of inflation may cause the list to increase, decrease or stay longer than that period.
HHS Secretary Xavier Becerra said, “Through the cost reduction program, we are fighting to ensure that seniors can get the care they need, that taxpayers are not subsidizing drug company overcharges, and that the Medicare program is strong for millions of beneficiaries.” He said in an earlier statement.
The law requires manufacturers of eligible drugs to pay rebates to Medicare if drug price increases exceed inflation. However, manufacturers with rebates for Medicare this year and next won’t receive their first bills until 2025.
Beginning in 2026, the law allows Medicare to negotiate drug prices for certain prescription drugs. Class B recipients can begin that negotiation for rates effective in 2028.
These policies have helped many Medicare Part B beneficiaries with drug costs in recent years.
Along with the announcement Friday, HHSA reported that Medicare Part B had the fastest growth in drug spending in the program from 2008 to 2021. For each enrollee, drug costs rose an average of 9.2 percent annually.
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