You may have heard about the Inflation Reduction Act (IRA), passed by Congress and signed into law by President Biden in 2022.
The act covers several issues that could lower your financial stress, especially if you use Medicare to pay for your prescription drugs.
Find out more about the program and the 43 drugs that you could save money on until December 31, 2023.
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How does the IRA affect drug prices?
The IRA included a provision to help reduce the cost of prescription medication for Medicare recipients.
The new law requires drug companies to pay a rebate to Medicare if they raise the cost of a drug higher than the rate of inflation to discourage companies from raising prices and then passing those costs to consumers.
As a consumer, keep an eye on the out-of-pocket costs for these drugs covered under Medicare Part B, as they may be adjusted to comply with the new laws and keep prices in check or help seniors avoid wasting money.
So, which drugs are covered until the end of the year? Check this list to see if your prescriptions are on it.
Abelcet is an antibiotic used to treat fungal infections.
Adcetris is used to treat Hodgkin lymphoma, which is a cancer in your blood.
Aggrastat can be used to prevent blood clots or heart attacks for some patients.
Chemotherapy patients can use Akynzeo to help prevent nausea and vomiting due to treatment.
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Atgam is used to treat blood disorders, helps bone marrow make new cells, and can prevent the body from rejecting a kidney transplant.
Aveed is used to treat men with little or no testosterone.
Bicillin C-R is used to treat bacterial infections in patients, particularly for moderately severe or severe infections.
Bicillin L-A is prescribed to treat upper respiratory infections or syphilis.
You may be prescribed Blincyto to treat acute lymphoblastic leukemia, a form of cancer in the blood and bone marrow.
Patients are prescribed Carnitor to treat carnitine deficiency, which stops nutrients from reaching your blood cells.
Crysvita treats a disorder that prevents patients from retaining phosphorus.
Cuvitru treats patients with immunodeficiency issues.
Cytogam treats diseases that can arise after the transplantation of organs.
Enjaymo is used to treat blood-cell issues related to cold agglutinin disease (CAD), which is a rare autoimmune disease.
Flebogamma DIF is used to treat patients with autoimmune disease.
Folotyn is used to treat patients with lymphoma.
Fragmin is used as a blood thinner for patients or to treat deep vein thrombosis.
Gammagard S/D is used to treat immunodeficiency and prevent infections in leukemia patients.
Gammaplex is for patients who are dealing with immunodeficiency issues.
Humira is used to treat issues such as rheumatoid arthritis, Crohn's disease, or ulcerative colitis.
Imlygic is used to treat advanced melanoma, which is skin cancer.
You may take Infugem to treat different types of cancer.
Kyprolis is used to treat patients with multiple myeloma.
Leukine is used to increase white cell production to boost immune systems hurt by cancer treatment.
Lupron Depot-Ped is used to treat precocious puberty symptoms in children.
You might be prescribed Minocin to treat bacterial infections.
Doctors prescribe Mononine as a clotting factor for patients with hemophilia B.
Nipent is a form of chemotherapy, particularly for leukemia patients.
Nplate is used to treat immune thrombocytopenia, which is a type of platelet disorder.
Oncaspar is prescribed to treat leukemia.
Padcev is used to treat advanced bladder cancer.
Panhematin can treat symptoms of acute intermittent porphyria, which can affect the oxygen in your body.
Prolia is used to treat post-menopausal women with osteoporosis.
You might be prescribed Rybrevant to treat non-small cell lung cancer.
This drug is used to treat Cushing Disease, which is a pituitary disorder.
You may be prescribed Synribo to treat leukemia.
Tezspire is used to treat patients with severe asthma.
Trogarzo is used to treat patients with HIV-1.
Vabomere is prescribed to treat urinary tract infections in patients.
Varizig is for patients with post-exposure prophylaxis of varicella (chickenpox).
Vectibix can be used for patients with metastatic colorectal cancer.
Vivitrol is used to treat patients with alcohol dependency.
You may be prescribed Xiaflex for Dupuytren’s contracture, which is thickening tissue in your hand, or Peyronie’s disease for men.
You may be on a tight budget or are worried about spending too much on prescription drugs. Help yourself by learning some smart shopping hacks to see if you can get an additional discount for your medications.
You can also find other ways to save money, such as using coupons or other manufacturer discounts for your medications.