Democrats' Big Bill Includes Important Medicare Provisions
The health provisions in the reconciliation bill include:
- directing the HHS Secretary to negotiate the price of 10 drugs covered by Medicare starting in four years (increasing to 20 drugs in 2029), based on the 10 drugs Medicare spent the most on in the previous year;
- capping out-of-pocket drug costs for Medicare beneficiaries at $2,000 annually beginning in 2025;
- capping at $35 the cost of insulin for Medicare beneficiaries;
- making vaccines free in Medicare beginning next year;
- beginning in 2024, increasing the income limit for Medicare LIS to 150% of the federal poverty level, up from the current 135 percent, making hundreds of thousands more beneficiaries eligible for the subsidies; and
- extending by three years enhanced subsidies in the Affordable Care Act that keep premiums affordable and were set to expire at year's end.
USAging will continue to review the legislation and share any key updates with our members in future newsletters and other communications.