Many clients ask me why the cost of their prescriptions in 20205 went up? Also, many ask why their premium was increased.
In 2022 the Biden Adminstration passed 'The Inflation Reduction Act'. This bill has some positive changes to Medicare but also some negative changes to Medicare.
So, in previous years prescription plan catastrophic amount was $8700 which was a huge burden on many people who were on expensive medications. Now in 2025, that catastrophic number is only $2000, so those on expensive medications will have a lower out of pocket maximum for the prescriptions covered by their drug plan.
But, at a huge cost: 1. Many plans reduced the number of medications that they cover. 2. Cost of prescriptions may have increased. 3. Drug plan premiums may have gone up.
There are options for those on expensive medications. Questions about this or other Medicare questions, please call.