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Before the caps, "there were a lot of people who were facing really high out-of-pocket costs, sometimes $10,000 (or more) per year," said Leigh Purvis, prescription drug policy principal at AARP ...
Before the law, there was no out-of-pocket cap for Medicare's Part D, the section that covers prescription drugs, which left seniors at risk of "significant financial burdens," the AARP noted.
That news follows the Social Security Administration’s announcement of a 2.5% cost-of-living adjustment (COLA) for 2025, which will add about $50 to the average monthly benefit of roughly $1,900 ...
Starting in 2025, out-of-pocket drug spending will be capped at $2,000 per year. ... to $35 in 2024 and 2025. So, at most, standalone drug plan premiums could increase by $35 per month over 2024 ...
As new and expensive drugs have come into use, patients, particularly senior citizens at whom Medicare was targeted, have found prescriptions harder to afford. The MMA was designed to address this problem. The benefit is funded in a complex way, reflecting diverse priorities of lobbyists and constituencies.
The report was conducted by AARP, which lobbied for the passage of the Inflation Reduction Act in 2022. ... More than a million U.S. seniors will save $1,100 in prescription drug costs every year ...