Most Medicare patients who hit the new $2,000 cap on out-of-pocket spending for prescription drugs could see massive savings, despite changes in premiums, according to a report released Thursday by AARP.Â
The findings suggest the cap could be a huge benefit to older adults in Medicare who struggle to afford high-cost drugs for cancer, rheumatoid arthritis and other serious conditions. Those seniors and other U.S. patients pay two to three times more for prescription drugs than people in other developed nations.
The limit went into effect at the beginning of this year. It is one of the most consequential provisions in President Joe Biden’s 2022 Inflation Reduction Act, designed to cut high drug costs — along with a new $35 monthly cap on insulin and Medicare drug price negotiations with manufacturers.
The report found that 94% of the more than 1 million enrollees in Medicare Part D expected to reach the new cap in 2025 will have…
