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The yearly price cap has been in the works since President Joe Biden signed the Inflation Reduction Act into law in 2022, ... Medicare's $2,000 drug cap will become effective starting next month.
The cap is part of the Inflation Reduction Act, the 2022 federal climate and health care bill that also empowered Medicare to negotiate drug prices with pharmaceutical companies. Because the cap ...
This annual cap will be indexed to the rate of inflation every year going forward. An interim spending cap of roughly $3,500 was put in place in 2024. ... along with the Medicare drug price ...
The negotiated drug prices would have to meet the following criteria: The negotiated drug price does not exceed than 120% of the drug's average price in Canada, the United Kingdom, Australia, Germany, France, and Japan. If that data is not available, then the price must not exceed 85% of the United States average manufacturer price.
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Starting Jan. 1, older adults on Medicare will spend no more than $2,000 a year on prescription drugs when a new price cap on out-of-pocket payments from the Inflation Reduction Act goes into effect.