The Department of Health and Human Services (HHS) Assistant Secretary for Planning and Evaluation (ASPE) continued its research series on the Inflation Reduction Act this week with a look at the impact of the $2,000 Part D out-of-pocket cap on prescription drugs.
Under the Inflation Reduction Act (IRA), 11 million Medicare Part D enrollees were expected to reach the cap, and are expected to save about $600 each in 2025, according to the report. The savings is also expected to be higher for those who don’t receive financial assistance, about $1,100 in the same timeframe.
The total projected savings is $7.2 billion annually. The report found that California and Florida will have the highest absolute savings for the number of enrollees in the catastrophic coverage phase under the IRA. Arizona has 199,080 enrollees in the catastrophic coverage phase under the IRA, which is 15% more than would be covered in the baseline scenario. Over 120,000 of those enrollees will be impacted by the coverage phase.
The full report can be reviewed at the Assistant Secretary for Planning and Evaluation.
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