Thanks to the 2022 Inflation Reduction Act enacted by the Biden Administration, your annual out-of-pocket prescription drug costs will be capped at $2,000 per year starting in January 2025.
According to a new report from AARP, Medicare drug plan enrollees who reach the new out-of-pocket cap will see average savings of roughly $1,100, or 56%, in 2025 for their prescription drugs.
With us today to talk about this is Leigh Purvis, the prescription drug policy principal in AARP’s Public Policy Institute (PPI), where she heads PPI’s work on prescription drug issues and is a recognized expert on prescription drug pricing and coverage. Her work focuses on improving prescription drug affordability and accessibility for older adults.
She has testified before Congress and state legislatures on behalf of AARP and speaks frequently on a wide variety of prescription drug-related issues. She is also the co-author of the AARP PPI Rx Price Watch reports, which have been tracking the prices of prescription drugs widely used by older Americans since 2004.