What the Inflation Reduction Act Means for Your Medicare Coverage

Major changes to prescription drug affordability for more than 50 million beneficiaries enrolled in Medicare Part D are likely on the way because of a bill headed to the president’s desk.

The Inflation Reduction Act “finally delivers on a promise that Washington has made for decades to the American people … We’re giving Medicare the power to negotiate for lower prescription drug prices,” President Joe Biden said in a July speech announcing a deal in Congress to pass the legislation.

Price negotiations aren’t the only provision in the bill targeting Medicare prescription drug costs. There are also new caps on out-of-pocket spending, limits on increases in premiums and drug prices, and more.

The bill passed in Congress on Friday and now goes to Biden to be signed into law.

Here’s what the Medicare portions of the Inflation Reduction Act will mean for you.

Medicare will negotiate drug prices

Medicare will start to negotiate prices for qualifying prescription drugs on which it has…

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This article was written by Alex Rosenberg and originally published on www.nerdwallet.com