For Immediate Release:
Contact: Kelly Broadway, 202-808-8853
[email protected]
Washington, D.C. – President Biden promised the Inflation Reduction Act (IRA) would lower drug costs for Medicare beneficiaries. Instead, seniors are facing the highest premiums in the programs’ history with the fewest number of available plans.
A new report by the Council for Affordable Health Coverage tracks how the IRA’s redesign of Part D is increasing premiums, reducing competition and choice, and raising out-of-pocket costs. The legislation was praised for its six percent cap on premiums, but it only applies to the “base premium,” not the actual premiums paid by most beneficiaries.
This year, Part D premiums increased an average of 21 percent. In October, when seniors choose their 2025 coverage, they are likely to see premium increases from 50 up to 100 percent or more. However, with those increases come fewer plan choices, higher out-of-pocket costs, more utilization review, and reduced Medicare Advantage benefits.
Click here to learn more about the damaging impact of the Inflation Reduction Act on Medicare Part D plans.
Click here for a two-page summary of the brief.