Medicare’s $2,000 cap on what beneficiaries pay out-of-pocket for prescription drugs covered by the health insurance program will begin on Jan. 1.
The price cap will apply to drugs under Medicare Part D. With roughly 53 million people across the country on this plan in 2024, the cap is projected to lower costs for many of those enrolled.
“If your out-of-pocket spending on covered drugs reaches $2,000 (including certain payments made on your behalf, like through the Extra Help program), you’ll automatically get ‘catastrophic coverage.’ That means you won’t have to pay out-of-pocket for covered Part D drugs for the rest of the calendar year,” Medicare announced.
The nonprofit organization AARP has projected that 3.2 million Americans will save money on prescription medications in 2025.
Medicare is a federal health insurance program for citizens 65 years or older that also covers eligible beneficiaries younger than 65 with certain health conditions. Medicare Part D is an outpatient prescription drug benefit for people with Medicare “provided through private plans that contract with the federal government,” according to KFF.
The changes to Medicare’s prescription drug cap were set in motion by the Biden administration’s 2022 Inflation Reduction Act.
Many lawmakers have expressed concern the IRA’s policy change has caused insurers to hike the drug plan premiums for millions of Medicare beneficiaries to fill the gap in what patients used to pay. Premiums for many Medicare Part D plans increased in 2024, ahead of the drug cap changes.
Republicans have criticized President Joe Biden for subsequently giving health insurers an extra $15 per member a month to offset premium spikes just months before the 2024 presidential election.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Biden’s subsidies to health insurers will cost an estimated $5 billion next year.
“One of [Biden’s] signature domestic achievements is set to cause a significant spike in Medicare premiums for millions of Americans just ahead of the Nov. election,” Sen. Bill Cassidy (R-LA) posted on X in August. “Now, his admin is preparing to dole out billions of dollars to private insurance companies…”
2024-12-26 22:36:00, http://s.wordpress.com/mshots/v1/https%3A%2F%2Fwww.washingtonexaminer.com%2Fpolicy%2Fhealthcare%2F3270458%2Fmedicare-prescription-drug-cap-take-effect-jan-1%2F?w=600&h=450, Medicare’s $2,000 cap on what beneficiaries pay out-of-pocket for prescription drugs covered by the health insurance program will begin on Jan. 1. The price cap will apply to drugs under Medicare Part D. With roughly 53 million people across the country on this plan in 2024, the cap is projected to lower costs for many,
Medicare’s $2,000 cap on what beneficiaries pay out-of-pocket for prescription drugs covered by the health insurance program will begin on Jan. 1.
The price cap will apply to drugs under Medicare Part D. With roughly 53 million people across the country on this plan in 2024, the cap is projected to lower costs for many of those enrolled.
“If your out-of-pocket spending on covered drugs reaches $2,000 (including certain payments made on your behalf, like through the Extra Help program), you’ll automatically get ‘catastrophic coverage.’ That means you won’t have to pay out-of-pocket for covered Part D drugs for the rest of the calendar year,” Medicare announced.
The nonprofit organization AARP has projected that 3.2 million Americans will save money on prescription medications in 2025.
Medicare is a federal health insurance program for citizens 65 years or older that also covers eligible beneficiaries younger than 65 with certain health conditions. Medicare Part D is an outpatient prescription drug benefit for people with Medicare “provided through private plans that contract with the federal government,” according to KFF.
The changes to Medicare’s prescription drug cap were set in motion by the Biden administration’s 2022 Inflation Reduction Act.
Many lawmakers have expressed concern the IRA’s policy change has caused insurers to hike the drug plan premiums for millions of Medicare beneficiaries to fill the gap in what patients used to pay. Premiums for many Medicare Part D plans increased in 2024, ahead of the drug cap changes.
Republicans have criticized President Joe Biden for subsequently giving health insurers an extra $15 per member a month to offset premium spikes just months before the 2024 presidential election.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Biden’s subsidies to health insurers will cost an estimated $5 billion next year.
“One of [Biden’s] signature domestic achievements is set to cause a significant spike in Medicare premiums for millions of Americans just ahead of the Nov. election,” Sen. Bill Cassidy (R-LA) posted on X in August. “Now, his admin is preparing to dole out billions of dollars to private insurance companies…”
, Medicare’s $2,000 cap on what beneficiaries pay out-of-pocket for prescription drugs covered by the health insurance program will begin on Jan. 1. The price cap will apply to drugs under Medicare Part D. With roughly 53 million people across the country on this plan in 2024, the cap is projected to lower costs for many of those enrolled. “If your out-of-pocket spending on covered drugs reaches $2,000 (including certain payments made on your behalf, like through the Extra Help program), you’ll automatically get ‘catastrophic coverage.’ That means you won’t have to pay out-of-pocket for covered Part D drugs for the rest of the calendar year,” Medicare announced. The nonprofit organization AARP has projected that 3.2 million Americans will save money on prescription medications in 2025. Medicare is a federal health insurance program for citizens 65 years or older that also covers eligible beneficiaries younger than 65 with certain health conditions. Medicare Part D is an outpatient prescription drug benefit for people with Medicare “provided through private plans that contract with the federal government,” according to KFF. The changes to Medicare’s prescription drug cap were set in motion by the Biden administration’s 2022 Inflation Reduction Act. House Speaker Nancy Pelosi surrounded by House Democrats, signs the Inflation Reduction Act of 2022 during a bill enrollment ceremony on Capitol Hill in Washington, Aug. 12, 2022. (AP Photo/Mariam Zuhaib, File) Many lawmakers have expressed concern the IRA’s policy change has caused insurers to hike the drug plan premiums for millions of Medicare beneficiaries to fill the gap in what patients used to pay. Premiums for many Medicare Part D plans increased in 2024, ahead of the drug cap changes. Republicans have criticized President Joe Biden for subsequently giving health insurers an extra $15 per member a month to offset premium spikes just months before the 2024 presidential election. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER Biden’s subsidies to health insurers will cost an estimated $5 billion next year. “One of [Biden’s] signature domestic achievements is set to cause a significant spike in Medicare premiums for millions of Americans just ahead of the Nov. election,” Sen. Bill Cassidy (R-LA) posted on X in August. “Now, his admin is preparing to dole out billions of dollars to private insurance companies…”, , 
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