Inflation Reduction Act of 2022

Medicare Part D, which provides prescription drug coverage, has a 2026 average monthly premium of $34.50, a maximum annual deductible of $615, and an out-of-pocket cap of $2,100. The Inflation Reduction Act of 2022 limits insulin copays to $35 per month, and Part D covers 10 specific drugs with reduced costs. Coverage is structured through tiered pricing and stages, including deductible, initial coverage, and catastrophic phases.

Rural residents in states using the ACA Marketplace are losing health insurance coverage at higher rates than urban and suburban counterparts, with a 12% drop in nonmetropolitan county enrollments. The expiration of enhanced subsidies under the American Rescue Plan and Inflation Reduction Acts, not renewed in a GOP budget bill, has led to increased premiums and coverage losses, particularly in rural areas.