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Millions of Medicare enrollees are likely to see relief in 2025 when a $2,000 cap on out-of-pocket prescription drug-spending goes into effect.
The federal government has been working to eliminate this gap and, according to Medicare, you’ll only pay 25% of the cost of covered medications when you’re in the coverage gap in 2024.
Going forward, out-of-pocket drug costs are capped at $2,000 a year for people with Medicare Part D drug plans or the prescription drug coverage in Medicare Advantage plans, according to Medicare.gov.
As the population covered by Medicare grows, its costs are projected to rise from slightly over 3 percent of GDP to over 6 percent, contributing substantially to the federal budget deficit. [59] In 2011, Medicare was the primary payer for an estimated 15.3 million inpatient stays, representing 47.2 percent ($182.7 billion) of total aggregate ...
The Medicare Part D coverage gap (informally known as the Medicare donut hole) was a period of consumer payments for prescription medication costs that lay between the initial coverage limit and the catastrophic coverage threshold when the consumer was a member of a Medicare Part D prescription-drug program administered by the United States federal government.
One month after passage, the administration estimated that the net cost of the program over the period between 2006 (the first year the program started paying benefits) and 2015 would be $534 billion. [19] As of February 2009, the projected net cost of the program over the 2006 to 2015 period was $549.2 billion. [20]
QI offers Extra Help paying for prescription drugs. A person will pay no more than $12.15 in 2025 for each Medicare-covered branded drug and $4.90 for each generic drug.
Topiramate, sold under the brand name Topamax among others, is a medication used to treat epilepsy and prevent migraines. [9] It has also been used in alcohol dependence and essential tremor . [ 9 ]