Breaking News | President Biden Signs the Inflation Reduction Act
The $750 billion health care, tax and climate bill includes many items specifically reducing the cost of prescription drugs under Medicare Part D.
Published: 08.16.2022
President Biden signed the Inflation Reduction Act into law on Tuesday, August 16, 2022. The $750 billion health care, tax and climate bill includes many items specifically reducing the cost of prescription drugs under Medicare Part D. This legislation will allow the Centers for Medicare and Medicaid Services to negotiate lower costs with pharmaceutical companies among other Medicare items.The bill also provides an extension through 2025 of the 2021 American Rescue Plan Act’s expanded access to federal subsidies for people who buy health insurance on the ACA marketplace through HealthCare.gov or a state-based exchange.
As more guidance becomes available, Savoy will release additional information on the impact to employer-sponsored plans.
