The Inflation Reduction Act established a limit on out-of-pocket spending (“the 2024 cap”) for enrollees with very high prescription drug spending in Medicare Part D, for the first time in the history of the program. More than half a million enrollees who did not qualify for the Low-Income Subsidy hit the catastrophic cap on out-of-pocket costs by June 30, 2024, saving enrollees nearly $1 billion out-of-pocket, an average $1,802 each in the first half of this year.
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