New law creates $2,000 prescription drug cap for Medicare patients

JACKSON, Tenn. — Millions of seniors with Medicare prescription drug plans have out of pocket costs capped at $2,000 per year because of a new law.

A recent report by AARP focused on those with the plan and looked at what happened once their premium costs were included. The report revealed 95% of enrollees who reached the out-of-pocket cap will see lower out-of-pocket costs.

Folks in Tennessee could save more than $2,600 per year. Some were spending an upwards of $10,000 per year on prescription drugs. Experts say this is an important protection for those with the plan and tax payers.

“This is a really important change. The new law is very important as well and it’s going to help a lot of people who were unfortunately facing very difficult decision between paying for their prescription drugs and paying for other important things like their food and their rent,” said Leigh Purvis, prescription drug policy principal with AARP Public Policy.

Those who want to learn more about the out-of-pocket cap or the AARP’s work around prescription drug prices can click here.

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