As of January 1, 2025, enrollees in Medicare Part D will benefit from a limit placed on the amount they will be required to pay for prescription medication. Enrollees now have a cap of $2,000 to pay out of pocket each year.
Leigh Purvis, the Prescription Drug Policy Principal with AARP, explains.
“The new $2,000 out-of-pocket spending cap is a limit on how much people have to spend on their prescription drugs when they're in a Medicare prescription drug plan," said Purvis. "And it's incredibly important, because previously, there was no limit, and we know that some people were spending upwards of $10,000 just on their prescription drugs.”
According to a report from AARP, Part D enrollees in Florida will save an average of $2,527 this year, thanks to the new rule.
More information can be found here.
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