Medicare will soon be able to negotiate directly with drug manufacturers on the prices of some name-brand medications, leading to savings for retirees and the federal government. The recently passed Inflation Reduction Act will also limit out-of-pocket spending to $2,000 for participants in Medicare’s Part D prescription drug plan.
The Federal Drug Administration has finalized a rule that will allow some hearing aids to be sold over the counter. The rule applies to hearing aids for people with mild to moderate hearing loss, and products could appear on store shelves as soon as this fall.
During the early days of the COVID-19 pandemic, many Americans reduced their spending and ramped up their savings, but that trend has since reversed. New data from the Federal Reserve Bank of New York show the personal savings rate in the United States has dropped to its lowest level since 2009. Americans have also racked up record debt, with total U.S. household debt surpassing $16 trillion for the first time ever this year.
It turns out having a financial plan is good for more than just your wallet — it’s also good for your overall health. A recent study from Northwestern Mutual found that people who make financial plans and work with an advisor are happier and get better sleep than those who don’t.
News You Should Know is a digest of news from publications around the nation about finance, investing, and retirement.