AXIOS December 26, 2024
Medicare’s $2,000 prescription drug cap will take effect at the start of the new year.
Why it matters: The yearly limit on out-of-pocket payments, under the Inflation Reduction Act, is expected to lower millions of seniors’ medical costs. It will have a particularly significant impact for patients taking expensive drugs to treat cancer and other serious conditions.
By the numbers: Overall, 3.2 million Americans are expected to save money on prescription medications in 2025, increasing to 4.1 million by 2029, per AARP projections.
- Those figures vary by state. In Texas, 9% of beneficiaries are expected to hit the cap in 2025. That figure is as high as 18% in Alaska, per AARP.
- Nearly half of the Medicare enrollees expected...
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