Inflation Reduction Act will Affect Medicare

President Biden signed the Inflation Reduction Act into law on August 16, 2022. This act includes provisions that will affect Medicare and plans.

The two main changes starting on January 1, 2023 are the removal of cost share on adult vaccines and $35 cap on insulin cost sharing for Part D.

Under the adult vaccines, Medicare beneficiaries will have a $0 cost share for adult vaccines recommended by the Advisory Committee on Immunization Practices and covered under Medicare Part D, including Shingles.

The cap on insulin cost sharing means that no member on Part D will pay more than $35 for a month supply of each insulin product covered by their plan. Some individuals are already receiving this benefit, but now this legislation ensures all seniors who use insulin will benefit.

There will be even more changes coming in the following years, because of the Inflation Reduction act. These are just the two major changes for 2023.