Inflation Reduction Act rebates yield savings for 54 Medicare Part B drugs
The Department of Health and Human Services (HHS) announced some Medicare enrollees will pay less for 54 drugs covered by Medicare Part B through the end of 2024 thanks to the rebate program established by the Inflation Reduction Act (IRA).
The Medicaid Drug Rebate Program requires drugmakers to pay the program a rebate if the price of their drugs rises faster than the rate of inflation.
HHS announced savings for 64 drugs earlier this year also due to the rebate program. The lowered prices for those drugs were in effect during the third quarter of 2024, ending on Sept. 30.
According to HHS, an estimated 822,000 enrollees use these 54 drugs for conditions like cancer, osteoporosis and pneumonia. The Centers for Medicare and Medicaid (CMS) plans to begin invoicing companies for these rebates beginning in fall 2025 with the funds to be deposited into the Federal Supplementary Medical Insurance Trust Fund.
"Because of the Biden-Harris lower cost prescription drug law, the Inflation Reduction Act, which established the Medicare Prescription Drug Inflation Rebate Program, some people with Medicare who use these drugs in the last quarter of 2024 may save between $1 and $3,854 per day" HHS said in a statement.
The 54 drugs announced by HHS will have a lowered Part B coinsurance rate starting on Oct. 1 through the end of 2024.
“The President’s lower cost prescription drug law continues to put money back in the pockets of seniors and people with disabilities,” HHS Secretary Xavier Becerra said in the announcement. “President Biden and Vice President Harris promised to lower prescription drug costs – and they have delivered.”
Last month, the Biden administration unveiled the results of the first round of Medicare negotiations, another key cost-cutting provision established through the IRA.
The six-month negotiation process ultimately yielded discounts ranging from 38 to 79 percent off the list price of the 10 selected drugs. Because CMS does not disclose the net price it pays for medications, it's unclear exactly how much in out-of-pocket savings were achieved.
Date: |
-
Business - CNBC
States forge ahead with Inflation Reduction Act energy rebates — so far, South Dakota is the only one to opt out
Arizona, Maine, New York, New Mexico, Rhode Island and Wisconsin have launched consumer rebate programs tied to energy efficiency.2 hours ago -
Politics - The Hill
Hezbollah acting leader vows to fight Israel
Hezbollah’s new acting leader on Monday pledged to keep fighting Israel and said the Lebanese militant group was ready for any ground invasion after its leader Hassan Nasrallah was killed in an ...1 hour ago - Israel -
Business - MarketWatch
Bond yields rise with key data on tap
Yields on U.S. government debt rose on Monday as traders appeared to shrug off escalating tensions in the Middle East and prepared for a week with crucial economic data.3 hours ago -
Business - CNBC
German inflation drops to 1.8% in September, below expectations
The harmonized German consumer price index eased to 1.8% in September, more than expected, preliminary data from the country's statistics office showed Monday.4 hours ago - Germany -
Sports - ESPN
Mahomes goes deep, hits Xavier Worthy with 54-yard TD
It was the most air yards Patrick Mahomes has thrown on a touchdown in his career.18 hours ago -
World - The New York Times
Can Mainstream Media Save Itself?
A panel at the Athens Democracy Forum explores how and whether traditional news organizations can regain the influence and trust that once defined them.Yesterday -
Business - Inc.
What Is the History of Daylight Saving Time?
Daylight saving time in the U.S. and a few other countries ends on Nov. 3 at 2 a.m. local timeYesterday -
World - The Guardian
High tech, high yields? The Kenyan farmers deploying AI to increase productivity
AI apps are increasingly popular among small-scale farmers seeking to improve the quality and quantity of their crop. Sammy Selim strode through the dense, shiny green bushes on the slopes of his ...13 hours ago -
Business - MarketWatch
Carnival’s stock drops as downbeat net yields outlook offsets record revenue
Carnival’s stock took a hit Monday, after the cruise operator reported record fiscal third-quarter revenue that beat expectations, but provided a downbeat outlook for net yields in the current ...3 hours ago
More from The Hill
-
Politics - The Hill
Why was Asheville hit so hard by Helene?
Surrounded by mountains, Asheville, North Carolina, has faced devastating floods from Helene.17 minutes ago -
Politics - The Hill
When do hurricane names get retired?
With nearly two months to go until the end of what was predicted to be a "hyperactive" hurricane season, many residents along Florida's Gulf Coast and southeastern states are grappling with the ...18 minutes ago -
Politics - The Hill
Vance, Walz VA medical records breached; probe underway
Department of Veterans Affairs (VA) employees improperly accessed the medical files of vice-presidential candidates Sen. JD Vance (R-Ohio) and Minnesota Gov. Tim Walz, with a Justice Department ...20 minutes ago -
Politics - The Hill
Americans are asking all the wrong questions
Until the right questions are asked, the answers will be neither relevant nor helpful.24 minutes ago -
Politics - The Hill
Watch live: White House news briefing
White House press secretary Karine Jean-Pierre will brief reporters at the White House on Monday in the aftermath of Hurricane Helene disaster relief efforts that left parts of North Carolina, ...24 minutes ago