Reports shows impact of historic Medicare Rx out-of-pocket spending cap on Maine seniors

To the Editor;

AARP has released a report that shows an estimated 12,700 Mainers on Medicare prescription drug plans will see savings thanks to 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 AARP championed which 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 between 2025 and 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 percent, in 2025 for their prescription drugs.

AARP fought hard for the prescription drug law of 2022 because we knew it would provide crucial relief for Medicare enrollees here in Maine and across the country by lowering drug prices and out-of-pocket costs. Knowing they won’t pay a dime over $2,000 next year – maximum – for prescription drugs they get at the pharmacy gives Maine 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. Visit aarp.org/me to learn more.

Noël Bonam

AARP Maine State Director

Portland