The Inflation Reduction Act introduced a $2,000 cap on prescription drug costs for Medicare Part D beneficiaries
The cap applies to those age 65 or over and people with disabilities
Medicare Part D covers around 56 million people
AARP commissioned a study by Avalere Health to assess the impact of the new benefit
The $2,000 cap will lower prices for over 3.2 million people in 2025.
This represents a significant change from the previous 5% co-insurance requirement
The cap is expected to provide long-term savings, even if Part D premiums increase
By 2029, the cap will help 4.1 million people
High-priced, branded drugs will benefit the most from the cap
AARP member Diana DiVito shared her experience of reduced prescription drug costs due to the new law
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