On Aug. 16, 2022, the Inflation Reduction Act became law, bringing relief for many Medicare beneficiaries who pay a lot for their prescription drugs. New benefits begin each year to lower your copays and out-of-pocket costs.
2023: The law caps copay at $35/month for certain insulin medications. Medicare covers 100% of Part D vaccinations, such as for shingles.
2024: Medicare Part D covers 100% of drug costs once you meet $8,000 out-of-pocket limit per calendar year. More people qualified for Extra Help to offset drug plan copays and deductibles.
2025: Payment plan spreads out prescription drug copays through the calendar year. Maximum out-of-pocket limit drops from $8,000 to $2,000 per calendar year.
2026: It significantly reduces costs of 10 lifesaving drugs. For a comprehensive list of drugs and their newly negotiated prices, visit hawaiiship.org.
The Inflation Reduction Act is a major step toward improving Medicare coverage. Beneficiaries can expect more enhancements soon to lessen financial strain and increase access to needed medications to support health and well-being.
If you have questions regarding Medicare or how these benefits may affect you, contact Hawai‘i SHIP using the information below.
HAWAI‘I SHIP
250 South Hotel St., Ste. 406, Honolulu, HI 96813
O‘ahu: 808-586-7299 | Toll free: 888-875-9229
hawaiiship.org
Free, local, one-on-one Medicare counseling is provided by the Hawai‘i State Health Insurance Assistance Program.
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