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Medicare drug price cap effective January 1, 2025, limits costs for beneficiaries

share-iconWednesday, January 01 comment-icon3 weeks ago 7 views
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thehillTHEHILL
Medicare drug price cap effective January 1, 2025, limits costs for beneficiaries

Credited from: THEHILL

  • The Inflation Reduction Act introduces an annual out-of-pocket spending cap of $2,000 on prescription drugs for Medicare beneficiaries starting Jan. 1, 2025.
  • An estimated 19 million Medicare enrollees will benefit, with an interim cap of $3,500 in place for 2024.
  • On average, beneficiaries are expected to save around $400 yearly due to this cap according to administration officials.
  • The cap will be adjusted annually to align with the rate of inflation, aiming to ease the financial burden on seniors.
  • Additional provisions include a $35 monthly cap on insulin prices and Medicare drug price negotiations.

For more information, visit the original article at The Hill.

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