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Drug prices to be capped at $2,000 for millions of Medicare recipients starting in 2025

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Starting next year, millions of Medicare recipients will benefit from a $2,000 out-of-pocket cap on prescription drugs under the Inflation Reduction Act, leading to significant savings for many. Click here for article.

  • Financial Relief for Medicare Recipients: Beginning in 2025, Medicare recipients will see up to $2,000 in out-of-pocket savings for prescription medicines due to the Inflation Reduction Act.

  • Significant Savings Reported: AARP estimates that around 66,617 Virginians will save money next year, with average savings of $1,500 per person in 2025, and the number of beneficiaries expected to rise to over 86,000 by 2029.

  • Rising Drug Costs: High and increasing drug prices have outpaced inflation, with significant impacts on budgets, highlighting the urgency of the new cap.

  • Support for Medicare Enrollees: Senior Connections and other advocacy groups anticipate that this cap will alleviate financial stress for Medicare enrollees, helping them balance medication costs with other essential expenses.

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