Alabama Seniors to Save on Prescriptions in 2025 Due to New Price Cap
Over 61,000 senior citizens in Alabama will save on prescription costs in 2025, thanks to a new price cap included in the Inflation Reduction Act. This will bring relief to many as they manage rising everyday expenses.
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Next year, over 61,000 senior citizens in Alabama will spend less on their prescription medications. This is because a new price cap will take effect, according to a recent report.
Starting in 2025, the price limit on prescription drugs will help 61,359 Alabamians who are enrolled in Medicare drug plans, as per a report by AARP. By 2029, it's expected that more than 76,000 people in Alabama will save on their medications.
"Alabama seniors on Medicare can feel more at ease knowing they won’t spend more than $2,000 a year on prescription drugs. This is crucial as they deal with rising costs for essentials like housing, groceries, and utilities," said Candi Williams, the state director of AARP Alabama.
Starting January 1, a new rule will set an annual limit of $2,000 for out-of-pocket prescription costs for those enrolled in Medicare Part D and Advantage plans with drug coverage. This price cap is part of the Inflation Reduction Act, passed by Congress in 2022.
AARP Alabama represents over 400,000 members aged 50 and older in the state.
The AARP report also found that, on average, Medicare drug plan members across the country will save about $1,500 on their prescription drugs in 2025.
Some Medicare Part D members have faced prescription costs of more than $10,000 a year, according to the report. A 2023 study by the American Medical Association revealed that many older Americans have had to skip doses of their medications or not fill prescriptions due to high drug prices.
Most of the people who will benefit from these savings in 2025 are between the ages of 65 and 84.
"This new limit on prescription costs is just one of the important steps in helping seniors save money. Other measures include capping insulin co-pays at $35 a month and making many vaccines, like those for shingles and pneumonia, free," Williams added.
Rep. Terri Sewell (D-Birmingham) was the only member of Congress from Alabama to support the Act in 2022. Reps. Jerry Carl (R-Mobile) and Mike Rogers (R-Saks) did not vote, while the rest of Alabama’s Congressional delegation opposed the bill.
