AARP released a report that shows that over 49,900 Wisconsinites on Medicare prescription drug plans will see savings resulting from a new out-of-pocket cap that starts Jan. 1, 2025. The savings are made possible by a provision in the 2022 prescription drug law that caps out-of-pocket prescription drug costs every year, beginning at $2,000 next year, for America’s 56 million Medicare drug plan enrollees.
The AARP report analyzes the number of enrollees who will benefit from the cap by state, age, gender, and race from 2025–2029. The findings indicate that Medicare drug plan enrollees nationwide who reach the new out-of-pocket cap will see average savings of roughly $1,500, or 56%, in 2025 for their prescription drugs.
Other report findings include:
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Between 3–4 million Part D plan enrollees nationwide are estimated to benefit from the new out-of-pocket cap every year from 2025–2029, including nearly 50,000 in Wisconsin in 2025, and more than 65,000 by 2029; and
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More than three-quarters of Medicare drug plan enrollees who will benefit in 2025 are between the ages of 65 and 84.
To learn more about AARP’s work to lower prescription drug prices, click here.
