Medicare prescription drug cap begins in 2025
TL/DR –
A new Medicare prescription drug cap has taken effect, allowing thousands of people in Alabama to save money on their medications. Prescription copays are now capped at $2,000 a year for those on Medicare drug plans, which was part of the Federal government’s Inflation Reduction Act. For the first time, Medicare also now has the ability to negotiate prescription drug prices directly, which is expected to increase savings for many beneficiaries.
Medicare Prescription Drug Cap Savings for Alabamians
BIRMINGHAM, Ala. – Thousands of Alabamians are enjoying substantial pharmacy savings due to the newly implemented Medicare prescription drug cap.
Capped Prescription Copays for Medicare Plans
Effective immediately, prescription copays are capped at a yearly max of $2,000 for individuals on Medicare prescription drug plans, according to the Federal government’s Inflation Reduction Act.
Estimated Savings for Alabamians
The AARP estimates that 61,000 Alabamians stand to benefit from these prescription savings, marking a significant change for Medicare beneficiaries.
Medicare’s New Power to Negotiate
“This is the first opportunity for Medicare to negotiate prescription drug prices directly,” said Jamie Harding of AARP Alabama. “Unlike the VA, Medicaid, and private health insurance, Medicare was the only one left out. This marks a new era for Medicare negotiations.”
Qualifying for the New Benefit
The AARP reassures that individuals on a Medicare prescription drug plan don’t need to take any further steps to qualify for this new benefit.
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