Biden Inflation Reduction act- on the backs od MedicareD seniors Retirees, brace yourself for higher Medicare Part D prescription drug premiums in 2024. A new law, the Inflation Reduction Act, caps seniors’ prescription drug costs covered under Medicare, starting in 2025, to $2,000, and beginning next year allows no more than a 6% annual jump in Part D premiums. The cost of the average premiums will rise between 42% and 57% in 2024 compared to 2023 in five states with the largest populations of individuals over 65 who are on Medicare: California, Florida, New York, Pennsylvania, and Texas. The report's breakdown is based on three of the largest Medicare providers in those states. https://finance.yahoo.com/news/why-retirees-may-pay-significant-increases-in-2024-medicare-part-d-drug-premiums-151516209.html