Iowa Seniors’ Prescription Costs to be Capped Soon
TL/DR –
A report from AARP Iowa predicts that a new cap on out-of-pocket expenses for Medicare ‘Part D’ will save thousands of seniors on their prescriptions, with over 27,000 Iowans seeing their annual out-of-pocket prescription drug costs capped at $2,000. The savings are part of the Inflation Reduction Act and will be implemented from next year. Nationwide, an estimated 3.2 million people are expected to see reduced prescription drug expenses because of this cap.
Medicare Part D: Savings for Iowa Seniors on Prescription Costs
According to a recent report by A-A-R-P Iowa, thousands of Iowa seniors enrolled in Medicare ‘Part D’ will enjoy reduced prescription costs due to an out-of-pocket expenses cap slated for next year. This cap is a key provision of the Inflation Reduction Act.
The report reveals that over 27,000 Iowans will benefit from an annual prescription drugs expense cap set at $2,000. Currently, cost-coping strategies like skipping prescriptions or doses are sadly common among some Iowa seniors in an attempt to save money, as stated by A-A-R-P Iowa’s Advocacy Manager Paige Yontz.
The A-A-R-P report details the projected impact of this out-of-pocket cap by state, age, gender, and race from 2025 to 2029. Nationwide, it is expected that 3.2 million people will experience a decrease in the cost of their prescription drugs due to this new policy.
According to Yontz, the high cost of prescription medications is one of the top concerns for Iowa’s senior population. She emphasizes that this cap will bring cost certainty to a vulnerable demographic.
Effective from the start of next year, this cap on prescription drug costs is a welcome relief for many.
—
Read More US Economic News