HHS announces reduced beneficiary coinsurance for 64 Medicare Part B prescription drugs

The Department of Health and Human Services June 26 announced beneficiary coinsurance reductions for 64 prescription drugs available through Medicare Part B. The drugs will have a lowered Part B coinsurance rate from July 1-Sept. 30, since each drug company raised prices faster than the rate of inflation. The selected drugs treat conditions such as osteoporosis, cancer and infections, HHS said. The Inflation Reduction Act requires drug companies to pay rebates to Medicare when prescription drug prices increase faster than the rate of inflation for certain drugs furnished to people with Medicare. This new inflation rebate applies to Medicare Part B rebatable drugs.