One report found that if out-of-pocket caps for prescription drugs covered by Medicare Part D had gone into effect in 2021, 1.5 million enrollees would have saved money on drug costs that year. new analysis The nonpartisan KFF announced this on February 8th. And millions more people could potentially save on drug costs in the long run.
By 2025, Medicare beneficiaries will no longer have to pay more than $2,000 a year in copays or coinsurance for prescription drugs covered by their plan. The spending cap applies to former Medicare enrollees with Part D prescription drug plans and beneficiaries of Medicare Advantage plans that include prescription drug coverage. After 2025, out-of-pocket maximums may increase if Medicare prescription drug spending continues to increase.
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“This new analysis highlights the importance of new copay limits and why AARP fought so hard for the new law that created them,” said AARP’s Prescription Drug Policy Officer. says Mr. Lee Purvis. “Before the new law, millions of people enrolled in Medicare prescription drug plans faced high copays for prescription drugs. are capped each year, with important new protections in place for them and for healthcare providers.”For those who may have to take expensive medications in the future. ”
While waiting for the $2,000 cap to take effect next year, Medicare Part D enrollees who pay high drug costs will have to pay a 5% co-payment for patients who fall into the so-called catastrophic stage of Part D. They are already benefiting from the removal of insurance requirements in 2024. D. This is the phase for people with very high out-of-pocket costs for drugs. According to KFF, this devastating coverage change will effectively limit out-of-pocket costs for brand-name prescription drugs to approximately $3,300.
A devastating phase change in the health law and $2,000 out-of-pocket cap will “save thousands of dollars for people who take expensive medications for cancer, rheumatoid arthritis and other serious conditions,” KFF says. says the report. From 2025 onwards, the cap will be indexed to inflation.
