A group of Democratic legislators recently forwarded correspondence to the Center for Medicare and Medicaid Services (CMS) regarding the Inflation Reduction Act’s (IRA) impact on senior drug costs.
U.S. Sen. Ron Wyden (D-OR), chair of the Senate Finance Committee, and U.S. Sen. Jon Tester (D-MT) joined 20 colleagues in sending the letter to the CMS Administrator Chiquita Brooks-LaSure.
“The IRA includes landmark provisions that will lower the cost of prescription drugs for more than 60 million Americans with Medicare coverage,” the legislators wrote. “Several provisions have already taken effect – including a $35 cap on the monthly out-of-pocket cost for insulin, $0 copay for adult vaccines, and penalties on pharmaceutical manufacturers when they increase their prescription drug prices faster than the rate of inflation.”
In the letter, the lawmakers commend the CMS for implementing the provisions, including releasing early guidance for the Medicare Part B and Part D inflation rebates.
“We strongly urge CMS to provide the following information quickly to help seniors in traditional Medicare and their families plan for lower cost-sharing on their Part B medications,” the legislators concluded. “A list of the common names of Medicare Part B medications that will be subject to a coinsurance reduction on April 1, 2023, and the percentage and amount of the coinsurance reduction for each Part B drug.”
High Part B drug prices established by manufacturers place a burden on Medicare beneficiaries since patients pay 20 percent of the cost of the drugs.