Healthcare Finance News February 13, 2024
The new cap will be annually indexed to the rate of change in Part D costs, providing potential relief for beneficiaries.
Beneficiaries with Medicare Part D are poised to reap significant savings with the implementation of a $2,000 out-of-pocket spending cap for prescription drugs covered under the program, which is slated to take effect in 2025.
This provision, signed into law as part of 2022’s Inflation Reduction Act, aims to alleviate financial burdens for millions of beneficiaries by curbing excessive out-of-pocket costs and reducing Medicare expenditures on prescription medications.
According to a report from KFF, under this new cap, which will be annually indexed to the rate of change in Part D costs, beneficiaries can expect substantial relief, particularly those...
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