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Starting January 1, people enrolled in Medicare will pay a maximum of $2,000 on out-of-pocket prescription drugs, a new cap put in place by the Inflation Reduction Act.
The law introduced the cap gradually, starting with a cap of $3,250 on out-of-pocket spending on prescription drugs in 2024. More than 65 million people, mainly older adults, are enrolled in Medicare.
"Because of the prescription drug law, the coverage gap ends on Dec. 31, 2024," its website states. The so-called "donut hole," or coverage gap, has affected almost all prescription plans.
A $408 per day co-pay in 2024 for days 61–90 of a hospital stay. [36] A $816 per day co-pay in 2024 for days 91–150 of a hospital stay, as part of their limited Lifetime Reserve Days. [36] All costs for each day beyond 150 days [65]
For example: If you reach the Donut Hole and purchase a brand-name medication with a retail cost of $100, you will pay $25 for the medication, and receive $95 credit toward meeting your 2020 total out-of-pocket spending limit. Medicare Part D beneficiaries who reach the Donut Hole will also pay a maximum of 25% co-pay on generic drugs purchased ...
If you need inpatient treatment at a hospital or treatment facility, you will pay the standard deductible for each inpatient hospitalization, which, in 2024, is $1,632. After that, “Medicare ...
Introduced in the House as Medicare Prescription Drug and Modernization Act of 2003 by Dennis Hastert (R–IL) on June 25, 2003; Passed the House on June 27, 2003 (216–215, 1 Present)
No Medicare drug plan may have a deductible more than $545 in 2024, up from $505 this year, plus “co-pays and what consumers pay for drugs inside their plans will also increase,” he added.