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Inflation Reduction Act Signed into Law

inflation reduction act

1 minute read

President Joe Biden recently signed the Inflation Reduction Act into law. Although the law is primarily aimed at fighting inflation and reducing carbon emissions, it contains several reforms which will impact health coverage. They will be implemented over the next several years.

The healthcare reforms primarily impact those with Medicare coverage.

  • Enhanced Exchange subsidies are extended for three years. They were set to expire at the end of 2022.
  • In 2023, monthly insulin costs will be capped at $35 per month for Medicare enrollees.
  • In 2025, out-of-pocket prescription drug costs will be capped at $2,000 for Medicare beneficiaries.
  • In 2026, negotiations for certain prescription drug costs begin.

Individuals should become familiar with the health reforms to determine how their health coverage and costs may be affected. Download the bulletin for more details.

Download the 2022 IRS Contribution Limits Info Sheet

National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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Steve Smith

Steve Smith

Steve Smith is a powerhouse of energy, living by the mantra "work hard, play hard." As an expert in uniting teams for a greater purpose, Steve's innovative and creative strategies in employee health and wellness are game-changers. With over 25 years of expertise in health insurance, covering compliance, cost mitigation, utilization, analytics, wellness plans, and strategic planning, Steve is the go-to expert for driving down utilization trends and fostering a culture of well-being. His clients trust him to deliver exceptional results, making him an invaluable asset in the industry. As an Employee Benefits Consultant, Steve specializes in health care consulting for Minnesota public sector organizations including fully insured, self-insured, and stop-loss plans. Steve is a licensed insurance agent and holds the designations for Managed Healthcare Professional (The Health Insurance Association of America), Certified Patient Protection and Affordable Care Act Professional (National Association of Health Underwriters), and Group Benefits Disability Specialist (Hartford School of Insurance).