Inflation Reduction Act's Dirty Little Secret: Largest Premium Increase Ever for Medicare Drug Benefit
This year, Part D premiums are up roughly 21%. Next year, they could increase by close to 50%. Medicare beneficiaries will start to see these price hikes when they start shopping for a plan on October 1 of this year. Just as President Biden campaigns on "lowering drug costs" this fall, many seniors' jaws will drop over sky-high premiums for the prescription drug benefits they need.
