Beneficiaries with Medicare Part D are poised to reap significant savings with the implementation of a $2,000 out-of-pocket spending cap for prescription drugs covered under the program, which is slated to take effect in 2025.
This provision, signed into law as part of 2022’s Inflation Reduction Act, aims to alleviate financial burdens for millions of beneficiaries by curbing excessive out-of-pocket costs and reducing Medicare expenditures on prescription medications.
