President Biden recently signed the Inflation Reduction Act into law. This new law addresses many provisions (like combating climate change and decreasing the deficit) and includes several steps to reduce the high cost of health care, such as:
- Capping out-of-pocket prescription drug costs at $2,000 per year for people on Medicare, beginning in 2025.
- Extending Affordable Care Act subsidies to help Americans who get their health insurance from the Marketplace. It is expected that the additional year of subsidies may help curb sharp increases in health care costs for the next three—rather than two—years.
- Allowing Medicare to negotiate prescription drug prices for certain expensive drugs, which could lower prescription prices over time.
Stay tuned for details. In the meantime, if you have any questions about your health coverage, please contact the Fund Office during normal business hours at 1-888-773-8329 or 1-800-821-1222.