Nearly 43,000 Louisiana seniors on Medicare prescription drug plans stand to save a lot of money starting next year. AARP Louisiana Advocacy Director Andrew Muhl says a new out-of-pocket prescription drug cap contained in the Inflation Reduction Act goes into effect January 1, 2025. “The cap is at two thousand dollars annually and this going to help close to a million Americans across the country.”
As reported by the Louisiana Radio Network (LRN), Muhl elaborated “The average savings will be roughly $1,500 or 56% in 2025.” Muhl continues, “And then in 2029, it could be up to $4,000 a year.”
Muhl says this new cap will be very beneficial, especially when you consider that certain life-saving drugs can be very expensive. “If you’re paying for cancer drugs or insulin it can get into the thousands and tens of thousands very quickly.”
Patients, whose prescription drug costs are less than $2,000 a year, may still benefit. That’s because the law also allows the Centers for Medicare and Medicaid Services (CMS) to negotiate lower drug prices in general.
