This week, President Biden is expected to sign the Inflation Reduction Act into law. By passing this major piece of legislation, access to affordable health coverage and medications are expected to improve for many Americans. The health components are as follows:
- The U.S. Department of Health and Human Services will be able to negotiate prices for 10 drugs, rising to 20 drugs by 2029
- There will be a set annual limit of $2,000 per year for Medicare Part D beneficiaries.
- No longer will there be any cost sharing for vaccines for Medicare Part D beneficiaries. States are required to cover vaccines for Medicaid enrolled adults including vaccines for shingles and Covid-19
- The Affordable Care Act (ACA) premium subsidies will be extended to 2025
- Medicare beneficiaries pay no more than $35 per month out of pocket for insulin.
While these improvements may feel lacking, there are historical precedents being made. For example, extending subsidies for the Affordable Care Act, which were set expire at the end of this year, means roughly 10 million Americans will not lose or see their subsidies reduced therefore allowing them to keep their healthcare coverage. For 20 years, the federal government has been prohibited from negotiating drug prices with manufacturers. The Inflation Reduction Act will change that for a few yet vital medications. This could lead to more opportunities to reduce soaring drug prices. Finally with lethal insulin rationing due to cost being all too common in the United States, the bill will cap copayments for insulin products at $35 per month for those with Medicare and private insurance.
By passing the health components of the Inflation Reduction Act, Congress has established foundational reforms which intend to improve the health of Americans including millions of disabled Americans. Recipients of Social Security Disability are eligible for Medicare after 24 months of receiving disability benefits. Drug pricing reform in Medicare and capped copays will provide critical protections for those receiving SSD.
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At Binder & Binder, we have won thousands of disability cases enabling our clients access to Medicare. If you are unable to work do to your disability, Binder and Binder can help you. Please complete the free survey at https://www.binderandbinder.com/free-ssd-evaluation/. We will contact you shortly and see how we can help.