Changes to Medicare prescription drug coverage will help millions
There will be major changes to Medicare prescription drug coverage in 2025.
This year, there is a new $2,000 cap on annual out-of-pocket costs for prescription drugs.
For example, someone who has taken expensive cancer drugs may hit the $2,000 limit in the first month or two of the new year. Once you pay, you don't have to pay any copays for the rest of the year.
The caps will help Lee Littman of St. Paul, who takes more than 20 pills a day for diabetes.
“We're living a little longer, and we're taking drugs a lot longer,” Littman said. “For people who are probably in a worse situation than me, there is no doubt that they would benefit from a year-long per capita spending cap.”
The cap saves an average of $1,500, with some people saving more than $3,000, according to the AARP report.
