So I heard something about Medicare drug costs being capped at $2,000 in 2025. Is that really happening or just talk?
Answered by 4 licensed agents
It's really happening. There is a $2000 out of pocket limit for prescriptions that are on your plans formulary. The cap will cover deductibles, copayments and coinsurance but not the plan's monthly premium. Sometimes you'll see more prescriptions you take covered on higher premium plans. In this case you'd have the plan premium and then the $2000 out of pocket limit.
Answered by Charles Fletcher on April 4, 2025
Agent Licensed in WA, AZ, ID, NV & TN
Yes this is correct due to the Inflation Reduction Act the cap on Medicare covered Medications is maxed at $2,000 for the year. Changes can be made for following years.
I have a You Tube Video that explains this and easy to follow. If the link does not work contact me and I am happy to forward.
https://www.youtube.com/watch?v=WLRdd00p6I4
In 2025, the maximum amount of $$ that any one individual will spend on drugs is indeed a Grand Total of $2,000.00. This encompasses both Brand Name drugs as well as generic drugs which Medicare keeps track of. This also entails that though folks had the opportunity in 2024 to use Canadian online pharmacies that discounted many of one's drugs, that is no longer the case this year. So you can, in effect, save money on each drug refill purchased with a Canadian pharmacy, that amount of money will NOT be applied toward the $2K annual deductible this year. This means that you'll have to figure out yourself if buying from Canada over the course of the entire year 2025, will that be better than purchasing it from a US discount website (i.e., GoodRx, costplusdrugs.com, simplecare.com, etc.)
Do you have Google? The poorly named IRA Inflation Reduction Act has been all over the news. Also a broker must have a SOA form in order to discuss this with you.
Answered by Ellen Diehl on April 3, 2025
Broker Licensed in GA
Tags:
Medicare Part D
Prescription Drug
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