Starting Jan. 1, older adults on Medicare will spend no more than $2,000 a year on prescription drugs when a new price cap on out-of-pocket payments from the Inflation Reduction Act goes into effect.

Medicare recipients will see a major change as out-of-pocket prescription drug costs are capped at $2,000 per year under the Inflation Reduction Act. Experts say the new cap could bring much-needed relief to cancer patients,

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 recipients will see a $2,000 out-of-pocket cap on some prescription drugs as part of several new provisions coming in 2025.