Eligible Americans to Receive $5K Auto-Rebates Soon, No Signup Required

TL/DR –

Medicare recipients in the US are seeing reduced prices on a variety of prescriptions, with savings possible between $1 and $4,593 daily for 64 medications under the Medicare Prescription Drug Inflation Rebate Program. The rebates, part of the Inflation Reduction Act, were created because drug companies increased medication costs faster than inflation. Medicare recipients do not need to sign up and over 750,000 people use these medications each year to treat conditions such as osteoporosis, cancer, and infections.

Lower Prescription Prices for Medicare Recipients

Medicare recipients are benefiting from reduced prices on multiple prescriptions. There’s no need for eligible Americans to sign up to potentially save thousands through the rebates.

Medicare Rebates

Americans with Medicare can now pay less for 64 medications available through Medicare Part B as announced by The US Department of Health and Human Services (HHS). The prescriptions will have decreased coinsurance costs from July 1, 2024, through September 30, 2024, as part of the Medicare Prescription Drug Inflation Rebate Program under the Inflation Reduction Act. This was in response to drug companies increasing medication costs faster than inflation.

Impact of Rebates

The HHS has reported that over 750,000 Medicare recipients use these medications annually, which treat conditions like osteoporosis, cancer, and infections. Medicare B recipients using the impacted drugs could save between $1 and $4,593 daily during the program’s run time. The 64 Medicare Part B medications included in the rebate are primarily outpatient prescription drugs that require professional administration in a medical setting. No action is required from enrollees to benefit from this rebate according to an HHS spokesperson.

Additional Savings

The Inflation Reduction Act has also expanded eligibility for full benefits under the Low-Income Subsidy program for those with Medicare Part D. This allows more low-income Americans to afford medications. Out-of-pocket costs were capped at around $3,500 for eligible Medicare Part D recipients at the start of 2024. By 2025, all Medicare Part D recipients will have a $2,000 cap on annual out-of-pocket prescription drug costs due to the Inflation Reduction Act. In related news, Americans could receive up to $1,000 in free money from a $266 million rebate pot, and families can claim payments of up to $1,500 in free money from a savings program.

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