Search results
Results from the WOW.Com Content Network
Starting Jan. 1, millions of Americans who get their prescription drugs through Medicare could get a major financial break when a $2,000 out-of-pocket spending cap on medications goes into effect.
A key cost-saving provision of the Inflation Reduction Act (IRA) goes into effect in the new year, limiting annual out-of-pocket spending on prescription drugs to $2,000 for Medicare beneficiaries.
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.
The Inflation Reduction Act of 2022 (IRA) is a United States federal law which aims to reduce the federal government budget deficit, lower prescription drug prices, and invest in domestic energy production while promoting clean energy. It was passed by the 117th United States Congress and signed into law by President Joe Biden on August 16, 2022.
The 15 drugs accounted for $41 billion, or 14%, of total Medicare Part D spending between Nov. 1, 2023, and Oct. 1, 2024.
The first-ever negotiations between the federal government and pharmaceutical companies have led to agreements that will lower the prices of 10 treatments, reducing costs for the Medicare program ...
800-290-4726 more ways to reach us. Sign in. Mail. ... The narrowing of prescription drug plan options – down 11% in 2024 and projected to drop another 26% in 2025 – compounds their concerns ...
About 53 million Americans were enrolled in a Medicare prescription drug plan in 2024. Enrollees who take the priciest drugs will get some relief this year with a $2,000 cap on drug costs.