The Inflation Reduction Act (IRA) made the most substantial changes to Part D since the program was created. The law took important steps to improve the Part D program, and lower out-of-pocket costs for beneficiaries in Part D. These include setting an annual cap on what seniors pay for their medicines and allowing seniors to spread out their out-of-pocket costs throughout the year to make the costs more predictable starting in 2025. The law also requires Part D plans to limit cost-sharing for covered insulins to $35 and to offer zero cost sharing for certain Part D vaccines.
However, the IRA also includes price setting provisions that undermine this important program and may reduce access to medicines for seniors and people with disabilities. For instance: