Office of the Assistant Secretary for Planning and Evaluation

By mid-2024, Medicare participants with Part D prescription drug plans had already saved nearly $1 billion in prescription drug costs as a result of a provision in the Inflation Reduction Act that capped Part D enrollees’ annual drug spending. For 2024 that limit is $3500 a year, and by the end of June nearly 1.5 million people had hit that limit and faced no more prescription drug costs for the rest of the year.  500,000 people hit that limit before mid-year and were already saving money – just shy of $1 billion over the same period of time.  Nine of [...]