Starting Jan. 1, older adults on Medicare will spend no more than $2,000 a year on prescription drugs when a new price cap on out-of-pocket payments from the Inflation Reduction Act goes into effect.

Medicare’s $2,000 cap on what beneficiaries pay out-of-pocket for prescription drugs covered by the health insurance program will begin on Jan. 1. The price cap will apply to drugs under Medicare Part D.

Millions of Medicare enrollees are likely to see relief in 2025 when a $2,000 cap on out-of-pocket prescription drug-spending goes into effect.

Medicare recipients will see a major change as out-of-pocket prescription drug costs are capped at $2,000 per year under the Inflation Reduction Act. Experts say the new cap could bring much-needed relief to cancer patients,

Medicare's $2,000 prescription drug cap will take effect at the start of the new year. Why it matters: The yearly limit on out-of-pocket payments, under the Inflation Reduction Act, is expected to lower millions of seniors' medical costs.

Medicare recipients will see a $2,000 out-of-pocket cap on some prescription drugs as part of several new provisions coming in 2025.

Starting January 1, 2025, millions of Medicare beneficiaries will benefit from a groundbreaking $2,000 cap on out-of-pocket prescription drug costs. This change, introduced as part

Taking the time to figure out which plan is right is vitally important for the 53 million Medicare beneficiaries with prescription drug coverage.