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What does the Inflation Reduction Act mean for seniors?

President Bidens prescription drug law, the Inflation Reduction Act, was signed into law on August 16, 2022. This new law provides meaningful financial relief for millions of people with Medicare by expanding benefits, lowering drug costs, and strengthening Medicare for the future.

Does AARP advocate for the 50 population in Congress for legislation to lower medical costs?

In December 2023, the Medicare PBM Accountability Act passed unanimously out of the House Energy and Committee with bipartisan support. AARP: AARP, which advocates for the more than 100 million Americans age 50 and over, is pleased to support the Medicare PBM Accountability Act (H.R.

What is covered under the Inflation Reduction Act?

The Inflation Reduction Act modifies and extends the clean energy Investment Tax Credit to provide up to a 30% credit for qualifying investments in wind, solar, energy storage, and other renewable energy projects that meet prevailing wage standards and employ a sufficient proportion of qualified apprentices from

Does the Inflation Reduction Act reduce Medicare benefits?

Changes to Medicare Part B The Inflation Reduction Act makes Medicare stronger for current and future enrollees. It makes health care more accessible, equitable, and affordable by lowering what Medicare spends for prescription drugs and limiting increases in prices.

What is the AARP prescription law?

Under the 2022 prescription drug law, which AARP supported, drugmakers that raise their prices more than the rate of general inflation have to pay a penalty to Medicare for the amount of the price hike that exceeded inflation.

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What is the AARP Inflation Reduction Act for Medicare?

Under the prescription drug provisions of the 2022 Inflation Reduction Act, drugmakers who raise their prices higher than the rate of inflation will have to pay a penalty, in the form of a rebate, to Medicare.

How can Congress regulate drug prices?

Congress has repeatedly attempted to address high drug prices through legislation, including bills that seek to increase generic competition, lower prices for certain health care entities that serve rural and vulnerable populations, and regulate drug price negotiations through the Medicare program.

What is the AARP Inflation Reduction Act?

The Inflation Reduction Act of 2022 is a landmark law aimed at reducing inflation by reducing the federal deficit, lowering the price of prescription drugs, and investing in clean energy.

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