The Inflation Reduction Act and Medicare

The Inflation Reduction Act coming into effect is going to help consumers everywhere manage their money with these rising costs. One item that will have its costs capped by the act, is inulin. For people with Medicare Part D, their insulin will be capped at $35 a month. This should cut the annual price of insulin for consumers by more than half and create huge savings for a drug that has been known to have steep prices.

A large portion of the country has felt the effects of recent price inflation. Not only have medicine prices increased, but food, car, and utility costs are a few things among the long list of goods that have seen rising costs. While insulin is likely the most popular drug that has seen specific cost decreases from the act, other drugs are too that are helping people deal with the costs of their medication.

Medicare recipients who are often retired and have a certain amount of money they’ve saved to live with for the rest of their life are at risk of having greater financial troubles due to excessive inflation. Capping prices of some of the age group’s largest expenses will help people live the life they dream of when they retire, instead of pinching pennies to afford the drugs they need to live.

Written by: Xavier Bodnar

G. Kevin Nemith , Hilb Group Delaware