Medicare’s new $2,000 out-of-pocket prescription cap takes effect Jan. 1

[Craig]

IN LESS THAN A WEEK, MILLIONS OF AMERICANS WHO GET THEIR PRESCRIPTIONS THROUGH MEDICARE COULD STARTS SAVING A LOT OF MONEY.

ON JANUARY 1-ST – A STIPULATION FROM THE INFLATION REDUCTION ACT GOES INTO EFFECT… PUTTING A 2-THOUSAND DOLLAR CAP ON HOW MUCH PEOPLE WILL SPEND OUT-OF-POCKET FOR PRESCRIPTION DRUGS.

ACCORDING TO A-A-R-P, THIS CAP WILL HAVE THE BIGGEST IMPACT ON SENIOR CITIZENS WHO TAKE MULTIPLE MEDICATIONs AND THOSE WHO HAVE HIGH-COST PRESCRIPTIONS.

A-A-R-P SAYS UNTIL NOW – THERE HAS BEEN **NO** OUT-OF-POCKET SPENDING CAP FOR PRESCRIPTIONS THROUGH MEDICARE… PUTTING MANY AT RISK OF “SIGNIFICANT FINANCIAL BURDENS.”

THE NEW LIMIT APPLIES TO ANYONE WHO IS ON THE MEDICARE PART “D” PLAN AND THOSE ON MEDICARE ADVANTAGE – WHICH IS OFFERED THROUGH PRIVATE INSURERS.

IT’S ALSO IMPORTANT TO NOTE THE CAP **ONLY** COVERS DRUGS UNDER THE PART D PLAN’S LIST OF COVERED DRUGS – SO IF A MEDICATION IS NOT ON THAT LIST, IT WILL NOT APPLY TOWARD THE OUT-OF-POCKET MAX.

HEALTH POLICY SITE K-F-F SAYS THERE ARE MORE THAN 50 MILLION AMERICANS WHO GET THEIR PRESCRIPTIONS THROUGH MEDICARE PART D OR A MEDICARE ADVANTAGE PLAN.

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