Some beneficiaries of the Medicare 2023 program are expected to pay less for 27 prescription drugs starting in April. These prescription drugs are reportedly covered under the Part B of the program.On March 15, U.S. government officials announced that some beneficiaries of the Medicare 2023 program are expected to pay less for 27 prescription drugs starting in April 1. This is because the prices of the prescription drugs have reportedly increased and outpaced the growth of inflation. The beneficiaries could save up to $390 for every average dose of the prescription drugs based on their individual coverage.
According to O’Brien, the decrease in prices is applicable to some prescription drugs and biologicals that are regulated in the clinical settings. These drugs include those under the Medicare’s Part B such as medications to treat cancer, chronic kidney disease, arthritis, and more. The drugs under this coverage are reportedly for different conditions like organ transplants.
Decrease in Prices Under Medicare 2023 Part B Drugs
According to Bunis, Medicare beneficiaries who generally pay 20% coinsurance for Part B are expected to pay less because the prices are adjusted due to lower inflation. In addition, the enactment of the provisions in the Inflation Reduction Act (IRA) last August also decreased the prices of the prescription drugs.
The IRA also reportedly required pharmaceutical manufacturers to pay the Medicare 2023 program with rebate if the prices of their drugs increase faster than the inflation. In 2019 and 2020, the prices of half of the drugs covered by Medicare have increased and outpaced the inflation.