_biden-administration-cracks-down-on-rising-prescription-drug-costs-imposes-inflation-penalties-on-64-prescription-drugs.jpg "Biden Administration Cracks Down on Rising Prescription Drug Costs, Imposes Inflation Penalties on 64 Prescription Drugs from professional corporation tax rate Video Screenshot Preview")
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⏲ Duration: 0:36
👁 View: 435K times
✓ Published: 27-Jun-2024
👁 View: 435K times
✓ Published: 27-Jun-2024
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The Biden administration announced it will impose inflation penalties on 64 prescription drugs covered under Medicare Part B for the third quarter of 2024. A provision in Biden's Inflation Reduction Act requires drugmakers to pay rebates to Medicare if they increase the price of a medication faster than the rate of inflation. Some Medicare patients may save more than $4,000 per quarter on drugs facing inflation penalties. Over 750,000 Medicare recipients use the 64 drugs facing penalties each year.
The Biden administration announced it will impose inflation penalties on 64 prescription drugs covered under Medicare Part B for the third quarter of 2024. A provision in Biden's Inflation Reduction Act requires drugmakers to pay rebates to Medicare if they increase the price of a medication faster than the rate of inflation. Some Medicare patients may save more than $4,000 per quarter on drugs facing inflation penalties. Over 750,000 Medicare recipients use the 64 drugs facing penalties each year.
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