Over 10M Medicare Users Get Free Vaccines Due to Inflation Reduction Act
TL/DR –
The Inflation Reduction Act has enabled over 10 million people with Medicare Part D to receive free vaccines in 2023, a significant increase from 3 million in 2021. The law allows Medicare to directly negotiate with participating drug companies for the prices of covered prescription drugs and caps insulin costs for seniors at $35. Additionally, the Centers for Medicare & Medicaid Services (CMS) has released draft guidance for public comment on the second cycle of drug price negotiations, which aims to increase access to innovative treatments and lower costs for Medicare and taxpayers.
Medicare Part D Beneficiaries See Spike in Free Vaccinations Thanks to Inflation Reduction Act
Image by Arek Socha from Pixabay
Over 10 million Medicare Part D beneficiaries received free vaccines in 2023, a significant rise from 3 million in 2021, thanks to the Inflation Reduction Act.
President Biden’s Inflation Reduction Act has dramatically lowered healthcare costs for seniors and families. This policy allows Medicare to negotiate directly with drug companies to lower the prices of prescription drugs, cap insulin costs at $35 for seniors and provide free vaccines for Medicare Part D beneficiaries. The U.S. Department of Health and Human Services (HHS) recently published a report that highlights the increase in free vaccine distribution since this Act’s implementation.
2021 ASPE vaccine utilization data compared with 2023 data shows significant growth in vaccine uptake and reduced out-of-pocket costs for seniors.
- In 2023, around 3.9 million Medicare enrollees received a shingles vaccine, a 42 percent increase from 2.7 million in 2021.
- Approximately 1.5 million Medicare beneficiaries received a Tdap vaccine in 2023, more than doubling the 700,000 beneficiaries in 2021.
- RSV vaccines, recommended for adults 60 and older as of June 2023, were accessed free of charge by 6.5 million Medicare Part D enrollees.
As part of the Medicare Drug Price Negotiation Program, Centers for Medicare & Medicaid Services (CMS) released draft guidance for public comment on the second cycle of negotiations. This next round aims to increase access to life-saving treatments while lowering costs for Medicare and taxpayers. The second round will occur in 2025, with negotiated maximum fair prices effective for the second set of drugs from January 1, 2027.
LowerDrugCosts.gov has resources in Chinese (traditional), Vietnamese, Korean, English, and Spanish, explaining the Inflation Reduction Act and how to take advantage of its benefits.
Here is a link to the Medicare Drug Price Negotiation Program Draft Guidance and the Fact Sheet. For an updated timeline of the Inflation Reduction Act, visit here.
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