Inflation Reduction Act 2024 Cost. 16, 2022, president joseph r. In 2024, a transition year, costs are capped at medicare's catastrophic drug coverage limit, which this year is $7,050.

On august 16, 2022, president biden signed the inflation reduction act (ira) into law, marking one of the largest investments in the american economy, energy security, and climate that congress has made in the nation’s history.across the economy, the ira is. Thanks to the president’s new lower cost prescription drug law, the lives of medicare enrollees are changing for the better.