New Medicare Health Plans, Lower Drug Costs, and Enhanced Insurance
This act introduces new Medicare Part E health plans, available to most citizens, including through employers. It aims to lower prescription drug costs through price negotiations and cap out-of-pocket expenses for Medicare beneficiaries. Additionally, it expands financial assistance for health insurance purchases and strengthens consumer protection against excessive insurance rates.
Key points
New Medicare Part E Health Plans: Available to most citizens, including through individual, small, and large group markets, offering comprehensive benefits, including reproductive services.
Lower Prescription Drug Costs: The government will negotiate drug prices under Medicare Part D, potentially reducing patient expenses.
Medicare Out-of-Pocket Cap: Establishes an annual out-of-pocket spending limit for Medicare Part A and B beneficiaries, starting at $6,700 in 2023.
Increased Financial Assistance for Insurance: Expands eligibility for premium tax credits to higher-income individuals and increases the level of cost-sharing reductions.
Protection Against Excessive Insurance Rates: Strengthens oversight of insurance rates, allowing state and federal authorities to deny or modify excessive prices.
Reinsurance and Affordability Fund: Creates a $30 billion fund for 2022-2024 to help states reduce health insurance costs for citizens.
Expired
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