Medicare Moment: Inflation Reduction Act of 2022

image of line graph representing inflation

The Inflation Reduction Act, passed by Congress in 2022 under the Biden Administration introduced several changes to Medicare. Here are some highlights:

1/1/2023 – Beneficiaries with Medicare drug coverage will not pay more than $35 for a month’s supply of insulin that is covered by their plan. The Part D deductible won’t apply to the covered insulin product.

1/1/2023 – Additional vaccines recommended by the Advisory Committee on Immunization Practices (ACIP) will be covered at no cost to beneficiaries with Medicare Part D. This includes the shingles vaccine.

1/1/2024 – Beneficiaries with Medicare drug coverage who fall into the catastrophic phase of prescription drug benefit will not have to pay any coinsurance or copayments. In 2023, the cost sharing in catastrophic coverage was the greater of: 5% of the cost or $4.15 copay for generics and $10.35 copay for all other drugs.

1/1/2024 – Eligibility for the low-income subsidy program (also called the LIS or “Extra Help) will be expanded to certain people with limited resources who earn less than 150% of the federal poverty level.

1/1/2025 – An out-of-pocket maximum of $2,000 is introduced to Medicare Part D plans. Beneficiaries will also have the option to pay Part D costs in monthly amounts instead of when they are incurred.

To see the full timeline, go to

Medicare Moment, brought to you by the Hummel Group, shares important information about Medicare in 300 words or less! If you would like to speak to a licensed insurance agent to discuss your Medicare options, call 330-683-1050.

By: Steven Thomas Smith


We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area.  Please contact or 1-800-MEDICARE to get information on all of your options. Not affiliated with or endorsed by the government or Federal Medicare Program. This is a solicitation for insurance. Calling the number above will direct you to a licensed insurance agent.