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Benzinga
  • 2 years ago
The Biden administration announced it will impose inflation penalties on 64 prescription drugs covered under Medicare Part B for the third quarter of 2024. A provision in Biden's Inflation Reduction Act requires drugmakers to pay rebates to Medicare if they increase the price of a medication faster than the rate of inflation. Some Medicare patients may save more than $4,000 per quarter on drugs facing inflation penalties. Over 750,000 Medicare recipients use the 64 drugs facing penalties each year.
Transcript
00:00It's Benzinga, and here's what's on the block.
00:02The Biden administration announced it will impose inflation penalties on 64
00:06prescription drugs covered under Medicare Part B for the third quarter of 2024.
00:12A provision in Biden's Inflation Reduction Act requires drug makers to pay rebates to Medicare
00:17if they increase the price of a medication faster than the rate of inflation.
00:21Some Medicare patients may save more than $4,000 per quarter on drugs facing inflation penalties.
00:27Over 750,000 Medicare recipients use the 64 drugs facing penalties each year.
00:32For all things money, visit Benzinga.com.
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