Inflation Reduction Act: $2,000 Cap to Save Seniors $1,000 Annually on Drug Costs

Aug 28, 2024, 04:15 PM

The Inflation Reduction Act has played a significant role in reducing the costs of life-saving medications, particularly insulin, across the United States. This legislation has been instrumental in lowering prescription drug costs for millions of Americans on Medicare. A study reveals that a new cap on drug costs, set to take effect in 2025, will save over one million U.S. seniors more than $1,000 annually. The cap will limit out-of-pocket prescription drug expenses to $2,000 per year. Thanks to the Inflation Reduction Act, more seniors qualify for Extra Help with Medicare Part D to lower their out-of-pocket costs. Democrats have emphasized the importance of these measures in easing financial burdens on seniors, despite opposition from Republicans.