MEDICARE recipients are now seeing reduced prices on a variety of prescriptions.

Eligible Americans don't need to sign up to save thousands via the rebates.

Americans with Medicare will now pay less for 64 medications available through Medicare Part B, according to The US Department of Health and Human Services, or HHS.

The agency announced the prescriptions will have decreased coinsurance costs from July 1, 2024, through September 30, 2024.

The Medicare Prescription Drug Inflation Rebate Program is part of the Inflation Reduction Act.

The rebates were created because drug companies increased medication costs faster than inflation.

The HHS shared that each year over 750,000 Medicare recipients use these medications, which are used to treat conditions like osteoporosis, cancer, and infections.

"Without the Inflation Reduction Act, seniors were completely exposed to Big Pharma's price hikes. Not anymore. Thanks to President Biden and the new Medicare inflation rebate program, seniors are protected and benefitting from lower Part B drug costs," said White House domestic policy advisor Neera Tanden.

Thanks to the Medicare Prescription Drug Inflation Rebate Program, Medicare B recipients who use the impacted drugs can save between $1 and $4,593 daily during the program's run time.

64 Medicare Part B medications are included in the rebate.

Most of them are outpatient prescription drugs that are not typically self-administered at home, but instead require professional administration in a medical setting.

Americans are not required to take action to receive the rebate, an HHS spokesperson told CNET.

"Individuals with Medicare Part B coverage may see lower coinsurance payments for these drugs starting July 1," said the HHS spokesperson.

"No action is required from enrollees to benefit from this rebate."

In addition to creating the Medicare Prescription Drug Inflation Rebate Program, the Inflation Reduction Act has saved Americans money on prescriptions in other ways.

Those with Medicare Part D saw expanded eligibility for full benefits under the Low-Income Subsidy program.

This means more low-income Americans can access medications at a more affordable cost.

Additionally, annual out-of-pocket costs were capped at around $3,500 for eligible Medicare Part D recipients at the beginning of 2024.

Prior to January this year, out-of-pocket costs were not capped.

Thanks to the Inflation Reduction Act, all Medicare Part D recipients will see a $2,000 cap on annual out-of-pocket prescription drug costs in 2025.