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You are here: Home / News / Local News / More Than 3 Million Senior Citizens in NYS Now Have Cap On Out-Of-Pocket Prescription Drug Costs

More Than 3 Million Senior Citizens in NYS Now Have Cap On Out-Of-Pocket Prescription Drug Costs

January 8, 2024 By WRFA Radio 4 Comments

More than three million senior citizens in New York State now have a cap on total out-of-pocket prescription drug costs.

U.S. Senate Majority Leader Chuck Schumer said this is part of the Inflation Reduction Act. He said there is now an annual cap on prescription drug out-of-pocket costs in Medicare Part D with costs capped at $3,300. Schumer said that the cap will go even lower in 2025 to a $2,000 out-of-pocket cap on prescription drugs.

Each year, roughly 1 in 25 seniors spend above this cap on prescription drugs. This includes people with numerous cancers, including leukemia, multiple myeloma, bone, lung and brain cancer, cystic fibrosis, organ transplant patients, hypertension and more.

In addition, starting this year, the federal government will be able to go after pharmaceutical companies to pay rebates to Medicare for price hikes on prescription drugs that over 750,000 seniors take per year.

The White House recently announced 48 Medicare Part B drugs raised their prices faster than inflation, and some drug companies raised prices of certain medications faster than inflation for every quarter over the last year.

Provisions in the Inflation Reduction Act will now require these companies to pay rebates back to Medicare, saving seniors who take these drugs between $1 and $2,786 per dose depending on their medication.

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Filed Under: Local News Tagged With: Chuck Schumer, Inflation Reduction Act, Medicare Part B, Medicare Part D, prescription drugs

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Comments

  1. Laura says

    January 8, 2024 at 9:45 am

    Where do I find the specific details regarding the types of drugs & the details of this new law?

    Reply
    • db528 says

      January 8, 2024 at 6:08 pm

      I think this is a general cap for Medicare Part D. In other words, it doesn’t matter what drugs you take. This isn’t true for the rest of the country until 2025, when the price cap goes down to $2000.
      Here’s a link.
      https://www.cms.gov/priorities/legislation/inflation-reduction-act-and-medicare/lowers-health-care-costs-millions-americans

      Reply
  2. Steven Caveglia says

    January 8, 2024 at 3:26 pm

    Yeah there is a cap, but how about the insurance companies who cover a drug then the following year they will not cover it. There should be no drug an insurance doesn’t cover.

    Reply
  3. db528 says

    January 8, 2024 at 6:04 pm

    For some reason, the cap for the rest of the country in 2024 is $8000. In 2025, it will drop to $2000 for all the states.

    Reply

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