Seniors group projects significant savings due to IRA
Research from AARP has found that around $1,100 in prescription drug costs could be saved by more than a million seniors, due to the Inflation Reduction Act (IRA).
Beginning in January 2025, a new provision will cap annual out-of-pocket spending for Medicare Part D enrollees at $2,000, a significant improvement for those who previously faced unlimited cost-sharing even after reaching catastrophic coverage.
AARP’s analysis estimates that 3.2 million Part D enrollees, or 8.4%, will benefit from this cap in 2025, with the number rising to 4.1 million, or 9.6%, by 2029.
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