The Biden administration said in a Sept. 23 press release three of its legislative wins will reduce costs for cancer patients. Here's what to know about how new laws affect the cost of cancer treatment.
1. Increased premium subsidies from the American Rescue Plan could help cancer patients save money and keep coverage.
The American Rescue Plan, signed in 2021, provided additional subsidies for ACA marketplace plans. According to the White House Council of Economic Advisers, these subsidies mean over 500,000 non-elderly people living with cancer in the U.S. will save on healthcare premiums. The recently passed Inflation Reduction Act keeps these subsidies in place through 2025.
2. Medicare Part D caps could reduce out-of-pocket expenses for pricey cancer drugs.
Starting in 2024, Medicare Part D beneficiaries will have an annual cap of $2,000 on prescription drug spending. The cap, part of the Inflation Reduction Act, will help cancer patients taking expensive cancer drugs save between $6,000 and $14,000 annually, according to a White House analysis.
3. PACT Act expands eligibility for VA benefits.
The PACT Act, passed in July 2022, expands eligibility for VA healthcare and disability benefits for 5 million veterans presumed to have exposure to cancer-causing chemicals during their service.