How the Inflation Reduction Act impacts retirees

President Joe Biden signed the wide-ranging Inflation Reduction Act (IRA) into law on Tuesday afternoon, bringing welcome news for many retirees.

The new law makes the most consequential changes to Medicare in almost two decades. It includes several watershed health care provisions that lower prescription drug prices and out-of-pocket costs for millions of Americans and could potentially benefit nearly every Medicare recipient.

β€œThe majority of Medicare beneficiaries will receive better coverage under this legislation,” Mary Johnson, a Social Security policy analyst for The Senior Citizens League, told Yahoo Money.

The Medicare Trustees estimated that there will be more than 65 million Americans enrolled under Medicare by the end of this year, up from 63.8 million beneficiaries at the end of 2021.

Negotiating prices for high-priced drugs

An estimated 5-7 million Medicare beneficiaries could see their prescription drug costs decrease because of the provision allowing Medicare to…

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