Vast Number of Medicare Beneficiaries Worried About Inflation's Impact on Healthcare Costs Amid Inflation Reduction Act

There's hope for Medicare beneficiaries who believe Medicare should negotiate with drug companies to reduce costs after members of the senate announced the recent proposed legislation, Inflation Reduction Act of 2022.

There's hope for the 86% of Medicare beneficiaries surveyed by eHealth, Inc. who believe Medicare should negotiate with drug companies to reduce costs after members of the senate announced the recent proposed legislation, Inflation Reduction Act of 2022.

The recently released survey shows that 95% of Medicare beneficiaries are worried about the impact of inflation on healthcare costs. Nearly half (45%) of the 2,500 Medicare beneficiaries surveyed say their healthcare costs have already increased due to inflation.

However, the survey was conducted before news of the possible compromise Senate bill to address the drug costs was released, so there may be light at the end of the tunnel.

"Seniors on a fixed income are particularly vulnerable to inflation's impact on health care costs," said eHealth CEO Fran Soistman, in a release. "Our survey shows the consequences of inflation are immediate and that senior citizens are concerned about their ability to afford monthly premiums and other health care costs."

According to the survey, the top two worries of Medicare beneficiaries are increased prescription drug costs and increased Medicare Part B premiums.

Although, more assistance could be around the corner as senators also agreed to extend the expiring enhanced Affordable Care Act subsidies included in the 2021 American Rescue Plan Act for three more years 2025.

Shared in another article by MHE, a one-page summary of the proposed bill says that prescription drug pricing reform will yield $288 billion in savings over 10 years, or almost 40% of the $739 billion in revenues the package is designed to produce.