The Inflation Reduction Act (IRA) passed changes to lower prescription drug cost for Medicare beneficiaries. In 2023, IRA capped select insulin copayments at $35 a month and eliminated out-of-pocket costs for vaccinations. In 2024, IRA eliminated the 5% coinsurance for beneficiaries in catastrophic coverage (https://www.medicareinteractive.org/get-answers/medicare-prescription-drug-coverage-part-d/medicare-part-d-costs/phases-of-part-d-coverage) and increased benefits for Low Income Subsidy/Extra Help for those with limited income & resources (https://www.ssa.gov/pubs/EN-05-10508.pdf).
