What to Know About Medicare Part D Premiums

The Inflation Reduction Act of 2022 comprises several provisions to reduce prescription drug costs for Medicare participants and lower drug spending by the federal government. The law includes changes to the Part D benefit and a $2000 cap on out-of-pocket drug spending, which could reduce costs for enrollees but potentially make it harder for some plan sponsors to offer low-cost coverage. The Centers for Medicare & Medicaid Services (CMS) have implemented changes to reflect the redesigned Part D benefit and limit potential premium increases.