The Federal government recently passed the Inflation Reduction Act, which states that prescription drug prices cannot increase more than the current inflation rate. This will have a sweeping effect on those under Medicare who have been paying thousands of dollars for prescription drugs.
Tens of thousands of Arizonans will gain health care coverage under the Inflation Reduction Act. The act’s expansion will improve health outcomes, save lives, improve financial security, and narrow disparities and access to care.
Cutting Prescription Drug Costs
One of the major declarations the bill makes is capping the Medicare beneficiary's out-of-pocket costs in Part D to $2,000. Arizonans will no longer pay more than $2,000 on prescription medications. An additional benefit is capping insulin copays at $35 per month. This will help roughly 63,000 people who live in the state.
The act will also help those with low incomes by providing extra help to pay for prescription drugs. It expands eligibility for full Part D low-income subsidies, known as Extra Help. Roughly 8,100 Arizona Medicare beneficiaries received partial Extra Help and due to the act, they could receive full Extra Help benefits. Individuals under Medicare Part D must pay for a portion of vaccines out of pocket. This legislation will make sure there are no out-of-pocket costs for Part D constituents which will affect 88,000 individuals.
Lowering Health Insurance Premiums And Expanding Coverage
About 200,000 Arizonans with marketplace coverage are saving an average of $830 per year from the American Rescue Plan (ARP) subsidies that the Inflation Reduction Act would continue. Among those benefiting, small business owners and those that are self-employed will benefit the most due to their usage of the Affordable Care Act. In addition, it benefits middle-income individuals who have retired or don’t have health insurance through their companies.
The Benefits Of Partnering With GMS
With the Inflation Reduction Act being passed by Congress, GMS can manage the complexities. It will ensure that small businesses are optimizing their gains and participating in the act. Our RX specialists can help you navigate how this can help you and your business and ensure your premiums are as low as possible. We offer flexibility, control of premiums, access to data and networks, and overall options that you can’t find elsewhere. Contact GMS today.