Forbes June 13, 2024
Cancer patients’ high out-of-pocket cost burden is sometimes described as “financial toxicity.” Already faced with a life-threatening illness, financial toxicity can cause economic pain but also further mental and emotional anguish for U.S. patients. One in five adults over the age of 65 forgo their prescriptions due to cost. The Inflation Reduction Act’s cap of $2,000 on annual out-of-pocket spending on outpatient drugs will help alleviate the issue for Medicare beneficiaries.
As a consequence of the IRA of 2022, Medicare’s outpatient drug benefit (Part D) began a substantial redesign this year when the 5% coinsurance requirement for patients was eliminated in the high cost or so-called catastrophic phase. This implies that there’s currently a $3,300 a cap on annual out-of-pocket...
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