AARP: More than 66,000 Virginians will save an average of $1,500 apiece on prescription drugs in 2025
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AARP officials believe that the new out-of-pocket cap on prescription drug costs that begins Jan. 1 will save Virginians with Medicare drug plans an average of 56% next year.
“AARP fought hard for the prescription drug law of 2022 because we knew it would provide crucial relief for Medicare enrollees here in Virginia and across the country by lowering drug prices and out-of-pocket costs,” said Jim Dau, state director of AARP Virginia. “Knowing they won’t pay a dime over $2,000 next year – maximum – for prescription drugs they get at the pharmacy gives Virginia seniors on Medicare drug plans some peace of mind as they struggle to keep up with rising costs for other everyday essentials like housing, groceries and utilities.”
The new out-of-pocket cap will apply to 56 million Medicare recipients nationwide. AARP reports that more than 86,000 Virginians will benefit from this cap by 2029.
“Limiting how much seniors on Medicare drug plans pay for prescription drugs every year builds on other new and important cost-saving measures, such as capping insulin co-pays at $35 a month and making many vaccines, such as those for shingles and pneumonia, free,” Dau said.
