Medicare Inflation Reduction Act 2024. The inflation reduction act of 2022, signed into law by president biden on august 16, 2022, includes several provisions to lower prescription drug costs for people with medicare and reduce drug. As a result of president biden’s historic prescription drug law, the inflation reduction act, drug companies will pay rebates to medicare when prices of certain.

The inflation reduction act also includes other provisions designed to decrease spending for part d enrollees and taxpayers. The inflation reduction act has had and will continue to have a significant impact on drug costs for millions of americans on medicare.