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Sept. 16, 2024 |  By: Mark Moran - Public News Service

Prescription costs soon to be capped for Iowa seniors

elderly

By Mark Moran - Public News Service

A new report from AARP Iowa predicts thousands of seniors on Medicare Part D in the state will save money on their prescriptions, thanks to a cap on out-of-pocket expenses set to take effect next year.

The limit is part of the Inflation Reduction Act. The report says more than 27,000 Iowans will see their annual out-of-pocket prescription drug costs capped at $2,000.

AARP Iowa's Advocacy Manager Paige Yontz said right now, some Iowa seniors are forced to use cost-coping strategies - like not filling a prescription or skipping doses - to save money.

"On average, people who reach that capped amount are going to see a savings of about $1,500," said Yontz. "This is something that AARP really fought hard for. We knew that this would provide critical relief for Medicare enrollees here in Iowa."

The AARP report breaks down the number of seniors who will benefit from the cap by state, age, gender, and race between 2025 and 2029.

Nationwide, the new cap is expected to mean 3.2 million people will see a reduction in prescription drug expenses.

Yontz said the cost of prescription medications is among the biggest concerns Iowa seniors face. She added that the cap will provide some cost certainty for a vulnerable segment of the population.

"Knowing that people aren't going to pay a dime over $2,000 is just such a financial relief for so many people, regardless of their income level," said Yontz. "There are just so many people that struggle to make ends meet, when it comes to paying for the drugs that they need."

The cap on prescription drug costs takes effect the first of next year.