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ACA Individual Market Update

Posted on Wednesday, August 17, 2022 at 3:56 PM
Health Insurance Erie PA

Tuesday, 8/16/2022, President Joe Biden signed the Inflation Reduction Act of 2022 into law. Among the many provisions of the bill are several aimed at lowering healthcare costs for Americans. As reported by Reuters, some healthcare-related impacts include:

  • An extension of American Rescue Plan Act subsidies for the Affordable Care Act exchanges for three additional years. These subsides could save each individual $800.
  • A $2,000 annual out-of-pocket cap on Medicare Part D prescription drugs beginning in 2025. The cap increases in subsequent years based on Medicare's annual spending for covered drugs.
  • The U.S. government negotiating the prices charged for the top 10 most-used drugs with pharmaceutical companies, starting in 2025.

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