Medicare Rebate for 64 Medications to Start Rolling Out: Here’s What to Know

People on Medicare will see coinsurance savings on prescriptions for 64 different medications available through Medicare Part B over the next few months, the US Department of Health and Human Services announced this week. 

The rebate program will run from July 1 through Sept. 30 and is part of the Inflation Reduction Act meant to reduce the high cost of drugs and keep drug companies from raising the price of medications above the inflation rate. 

According to the HHS, the medications covered in the rebate are used by more than 750,000 people on Medicare annually, and they’d typically be given by a health care provider to treat conditions including osteoporosis, infections and cancer.

Here’s what to know.

Which medications are included in the rebate? 

The medications included in the rebate are Medicare Part B drugs, which are typically “outpatient” prescription drugs that have to be administered by a doctor or at a clinic, as opposed to being something you can take at home. 

Medications included on the list of 64 rebatable drugs include ones for cancer, osteoporosis and more. (Think something that needs to be given through an IV.)  

For a full list of drugs, which also includes “biosimilar” medications or non-name-brand medications that contain active ingredients, check out the fact sheet from the HHS.

If you have questions, you should reach out to your health care provider or you can contact Medicare directly through live chat or by calling 1-800-633-4227. 

I’m on Medicare. How do I sign up for the rebate? 

A spokesperson for the HHS told CNET that — as long as you have Medicare Part B — you don’t need to do anything to get the rebate, and you may see lower coinsurance payments starting today. It’ll run through the month of September.

“Individuals with Medicare Part B coverage may see lower coinsurance payments for these drugs starting July 1,” the HHS spokesperson said. “No action is required from enrollees to benefit from this rebate.”

How else can I save money on prescriptions with Medicare?

The Medicare Part B rebate is part of the broader Inflation Reduction Act, which also includes capped prices of medications for people with Medicare Part D. 

What’s more, the Medicare Low Income Subsidy (also called Extra Help) expanded its program this year to people earning up to 150% of the federal poverty level. You should’ve been automatically enrolled as long as you’re enrolled in both Medicare and Medicaid, you receive Supplemental Security Income, or you qualify for one of the Medicare Savings Programs, according to the National Council on Aging. 

If you’re not automatically enrolled by meeting that criteria, but you think you meet the criteria, you can apply for Extra Help through the Social Security Administration. 

People on Medicare can also take advantage of more commercial programs meant to cut costs of drugs, like Amazon’s RxPass, which recently extended its pharmacy perk to people who receive Medicare.