Report: Oregonians to save money with prescription drug cost cap in 2025
By Eric Tegethoff, Oregon News Service
PORTLAND, Ore. (KTVZ) -- Tens of thousands of Oregonians are expected to see savings next year when prescription drug costs are capped, according to a new report from AARP.
Starting in 2025, out-of-pocket prescription costs for people in enrolled in the Medicare drug plan will top out at $2,000.
Stacy Larsen, communications director for AARP Oregon, said the number of people saving from the new law is expected to increase in coming years.
"Here in Oregon the people who are estimated to benefit from that new out-of-pocket cap every year will rise from an estimated 28,990 in 2025 to more than 37,000 by 2029," Larsen reported.
The out-of-pocket cost cap was passed as part of the Inflation Reduction Act in 2022. Next year will be its first year in place. The AARP report found more than 4 million people nationwide are expected to benefit by 2029. They're expected to save an average of $1,500 in 2025.
Larsen emphasized it is an important issue for older people in the country, as people sometimes skimp on prescriptions because of the cost.
"In certain cases people have life-sustaining or lifesaving medications that they may not be taking," Larsen observed. "Or they may not be taking the required dosage because they can't afford the required dosage or they feel that they need to trade off affording their prescriptions drugs or utilities for that month."
Larsen noted the new measure will add to other laws improving health costs for older Americans.
"This development really helps build on other cost-saving measures," Larsen explained. "For instance, those through the Affordable Care Act, such as capping insulin at $35 a month."
