Millions of Medicare enrollees are likely to see relief in 2025 when a $2,000 cap on out-of-pocket prescription drug-spending goes into effect.

Medicare enrollees will now pay a maximum of $2,000 on out-of-pocket prescription drug costs annually as part of another provision of the Inflation Reduction Act. The limit applies to prescription drugs bought at pharmacies and through mail orders, which are covered through Medicare Part D.

The caps are mandated by the Inflation Reduction Act. No Medicare patient will pay more than $2,000 out of pocket for prescription drugs.

Medicare will begin capping prescription drug costs at $2,000 annually, a move expected to save millions of Americans money on medications. (Scripps News)

Seniors with high medication costs stand to significantly reduce their annual out-of-pocket spending when the cap starts in 2025. Going into the new year, seniors who take prescription drugs and receive Medicare benefits are likely to shell out less for those treatments.

With the start of 2025, Medicare beneficiaries will benefit from a new $2,000 cap on out-of-pocket prescription drug costs, a significant change aimed at easing