New $2,000 Cap on Prescription Drug Costs Taking Effect

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President Joe Biden recently released a statement regarding the new law in which Medicare will have a $2,000 cap on prescription drug costs taking effect.
“I believe that health care should be a right – not a privilege – and throughout my presidency I have advanced that goal.Recently, we have taken another step closer to an America where everyone can afford the quality health care they need, as Medicare’s new $2,000 cap on prescription drug costs from my Inflation Reduction Act goes fully into effect.
Before I took office, people with Medicare who took expensive drugs could face a crushing burden, paying $10,000 a year or more in copays for the drugs they need to stay alive. When I took on Big Pharma and won, we changed that, capping seniors’ out-of-pocket spending on drugs they get at the pharmacy for the first time ever. Costs were capped at about $3,500 in 2024, and in just the first six months of the year, this policy saved people with Medicare $1 billion in cost-sharing. On January 1, 2025, the cap on drug costs fully phased in, and costs are now capped at $2,000 per year. As a result, 19 million people are expected to save an average of $400 each. That’s a game-changer for the American people.
My Inflation Reduction Act has changed Medicare for the better, and as a result Americans will have more money back in their pockets in the years to come.”

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