On Aug. 12, 2022, the U.S. House of Representatives passed the Inflation Reduction Act. President Joe Biden is expected to sign it into law shortly. While this bill is primarily aimed at fighting inflation and reducing carbon emissions, it also contains a number of reforms that will impact health coverage. The health reforms included in the bill have staggered effective dates and will be implemented over the next several years.
The bill’s health reforms primarily impact those with Medicare coverage. Specifically, the bill implements the following measures:
The bill also implements a three-year extension on increased health insurance subsidies for coverage purchased through an Exchange. These enhanced subsidies were originally provided as part of the American Rescue Plan Act, a COVID-19 relief bill, and were set to expire at the end of 2022.
Individuals should become familiar with the health reforms that are included in the Inflation Reduction Act to determine how their health coverage and costs may be affected.
For more information about how to navigate health care reforms amid rising inflation, contact us.