"The money seniors will no longer have to spend out-of-pocket is money they can invest in their families, broader health needs, or simply save to achieve greater financial stability," AARP CEO Jo Ann Jenkins said.
AARP reports that the $2,000 cap will lower prices in 2025 for more than 3.2 million people, or around 8.4% of Part D beneficiaries who do not receive other subsidies.
Before the Inflation Reduction Act, beneficiaries who did not qualify for low-income subsidies were required to pay 5% of drug costs regardless of how much they had already paid.
The study indicates that almost 40% of people who reach the cap over five years, some 1.4 million, will save more than $1,000 a year.
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