Compliance Update – Inflation Reduction Act and Impacts on Group Health Plans

The Inflation Reduction Act of 2022 (IRA) included several cost-reduction and benefit-enhancement provisions affecting Medicare Part D plans. The most significant Medicare Part D-related provision that impacts employer-sponsored group health plans is that the annual out-of-pocket (OOP) costs will be capped at $2,000 for individuals with Medicare Part D, starting in 2025. This change may impact the creditable coverage status of employer-sponsored prescription drug coverage beginning in 2025.

Please review our latest Compliance Update for more details.

Recent & Related

Reminder – Q3 Compliance Deadlines

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The Beacon – April 29, 2024

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The Beacon – March 21, 2024

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