A major cost-saving provision of the Inflation Reduction Act (IRA) will go into effect in the new year, capping Medicare recipients' annual out-of-pocket costs for prescription drugs at $2,000. Starting January 1, 2025, an estimated 19 million Medicare beneficiaries will have their Medicare Part D out-of-pocket costs capped at $2,000 per year. This annual cap will be linked to the inflation rate each year from now on.
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