AARP’s latest Rx Price Watch report finds drug prices are rising faster than inflation, which affects consumers, employers, insurers, and taxpayers. But the Inflation Reduction Act is changing that by allowing Medicare to negotiate the price of prescription drugs. In fact, consumers are already finding lower copays for insulin and some pre-recommended vaccines. And there’s more good news. In 2025, Medicare will cap the annual out-of-pocket spending limit at $2,000. Meanwhile, Congress is working to increase competition among drug manufacturers, including bringing generic drugs to market sooner, which will mean additional cost
savings.
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