Sally C. Pipes is president, CEO, and the Thomas W. Smith fellow in healthcare policy at the Pacific Research Institute. Her latest book is False Premise, False Promise: The Disastrous Reality of Medicare for All, (Encounter 2020). Follow her on Twitter @sallypipes.
that details how they'll conduct the drug pricing"negotiations" authorized by the 2022 Inflation Reduction Act . They're mostly maintaining the policies in last year's inaugural round of price setting—which means the quality of seniors' Medicare Part D coverage will continue to deteriorate.
The reality is that the IRA is slowly, but predictably, destroying Medicare's"Part D" drug benefit, which for years managed to keep costs low by harnessing the power of market forces and pitting private insurers against each other in fierce competition for seniors' business. The new guidance will only exacerbate these trends and continue to jeopardize the availability of Part D medicines and inhibit generic and biosimilar competition. Analysts expect Part D insurers to react by implementing more
Although lawmakers tried to cap premium increases, the way it was written isn't what Democrats advertised at all. It applies only to one of the underlying calculations used in setting monthly premiums. Any given plan's monthly cost to seniors can go up by well over 6% while still remaining in compliance with the 6%
Medicare IRA Democrats Inflation Reduction Act Part D Premiums Health Insurance Health Policy Drug Prices
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