As 2023 gets underway, Medicare beneficiaries will have the opportunity to take advantage of new benefits under the Inflation Reduction Act (IRA). Passed in August of 2022, this landmark legislation makes significant changes to the Medicare program – lowering prescription drug costs, expanding benefits and making insulin more affordable. While many of the benefits of the IRA will roll out over the next several years, some went into effect on January 1, 2023.

We explain the term maximum-out-of-pocket (MOOP) and what it means for Medicare beneficiaries based on what coverage you choose.