It’s the best news that few people seem to know about: Prescription drug costs are falling this year for more than a million seniors — in many cases, by thousands of dollars.

The lower costs are the result of the Inflation Reduction Act (IRA), – one of the signature pieces of legislation championed by the Biden White House and signed into law in 2022, when Democrats still controlled both chambers of Congress.

The IRA is best known for its investment of more than $370 billion into climate and energy programs. But the changes it makes to Medicare Part D Part D, are significant. Yet a recent survey by the nonprofit KFF found that most Americans weren’t aware of them – and what’s really striking is how few people on Medicare know about the changes.

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