Millions of Medicare enrollees are likely to see relief in 2025 when a $2,000 cap on out-of-pocket prescription drug-spending goes into effect.

Medicare enrollees will now pay a maximum of $2,000 on out-of-pocket prescription drug costs annually as part of another provision of the Inflation Reduction Act. The limit applies to prescription drugs bought at pharmacies and through mail orders, which are covered through Medicare Part D.

Going into the new year, seniors who take prescription drugs and receive Medicare benefits are likely to shell out less for those treatments. That’s due to a provision in the 2022 Inflation Reduction Act, set to begin in 2025, which will cap out-of-pocket costs on prescriptions at $2,000 annually.

A key cost-saving provision of the Inflation Reduction Act (IRA) goes into effect in the new year, limiting annual out-of-pocket spending on prescription drugs to $2,000 for Medicare

Medicare will begin capping prescription drug costs at $2,000 annually, a move expected to save millions of Americans money on medications. (Scripps News)

Americans using a Medicare Part D plan may notice a financial break in 2025. Part D is the section of Medicare that covers most pharmaceutical products. Notably, the out-of-pocket cap which was $8,000 per year will decrease to $2,

With the start of 2025, Medicare beneficiaries will benefit from a new $2,000 cap on out-of-pocket prescription drug costs, a significant change aimed at easing