Nearly 43,000 Louisiana seniors on Medicare prescription drug plans stand to save a lot of money starting next year.
That’s because starting January 1st, those on Medicare prescription drug plans will see their out-of-pocket costs capped.
“The cap is at $2,000 annually,” says Andrew Muhl, director of Advocacy at AARP Louisiana, “and this is going to help close to a million Americans across the country.”
That will lead to some significant savings.
“The average savings will be roughly $1,500 or 56% in 2025,” says Muhl. “And then in 2029, it could be up to $4,000 a year.”
Without the $2,000 cap, some seniors would be paying a lot more for their prescription drugs.
“Sometimes two to three times that, sometimes ten times that,” says Muhl. “If you’re paying for cancer drugs or insulin, it could get into the thousands and tens of thousands very quickly.”
Even those whose prescription costs are less than $2,000 a year will still benefit from the new law.
“It gives CMS (Centers for Medicare and Medicaid Services) and Medicare the ability to negotiate lower drug prices in general,” Muhl says.
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