Medicare Part D out-of-pocket cap of $2,000 takes effect saving seniors thousands

A key Inflation Reduction Act provision takes effect. Medicare Part D enrollees' annual out-of-pocket drug spending is capped at $2,000, down from a "catastrophic threshold" that could previously exceed $8,000 per year. The cap is the most significant change to Medicare drug coverage since the program was created in 2006. Seniors with conditions like cancer, multiple sclerosis, rheumatoid arthritis, and HIV who use expensive specialty drugs are projected to save thousands of dollars annually. An estimated 19 million Medicare Part D beneficiaries save an average of $400 per year. The cap ends the practice of seniors being forced to choose between their medications and other necessities.