PFE - Financial Relief For Medicare Patients: Part D Overhaul Caps Out-of-Pocket Drug Cost Limits | Benzinga
Medicare Part D beneficiaries facing rising drug costs received welcome news as changes brought about by the 2022 Inflation Reduction Act cap their out-of-pocket expenses in 2024.
The legislation dictates that individuals on Part D plans will now pay a maximum of around $3,300 annually for their prescription drugs, with variations depending on whether the medication is brand or generic. In 2025, this cap will be further reduced to a flat $2,000.
The key mechanism behind the relief involves the elimination of the 5% coinsurance that individuals had to pay after reaching the catastrophic spending threshold.
Once patients spend roughly $3,300, they will no longer bear additional out-of-pocket expenses for the ...