ROANOKE, Va. — Starting Jan. 1, seniors across Virginia will see significant savings on prescription drug costs, thanks to a key provision of the Inflation Reduction Act championed by U.S. Senators Mark Warner and Tim Kaine. The new rule caps out-of-pocket drug expenses for Medicare Part D recipients at $2,000 annually, helping to ease the financial burden for those with high medication costs.
The cap applies to total prescription drug expenses covered under Medicare, regardless of how many medications a person needs. Warner and Kaine, who represent Virginia in the Senate, say the change could save seniors in the Commonwealth an average of $440.62 per year.
“We’re thrilled that beginning in 2025, Americans on Medicare will have a $2,000 per year out-of-pocket cap on prescription drugs,” Warner and Kaine said in a joint statement. “Many seniors currently pay thousands of dollars a year for medications they need, so this provision is crucial to saving them money.”
Virginia seniors already benefiting from health care reforms
The cap is one of many provisions of the Inflation Reduction Act already improving health care access and affordability for Virginians:
- $35 monthly insulin cap: Virginians on Medicare who rely on insulin are now paying no more than $35 per month, benefiting over 36,000 people statewide.
- Free vaccines under Medicare Part D: More than 230,000 seniors in Virginia received free vaccinations in 2023, including for shingles, HPV, and MMR.
- Affordable Care Act subsidies extended: Lower premiums are helping 350,000 Virginians save an average of $508 per month on health insurance.
The law has also helped prevent drug manufacturers from dramatically increasing prices, requiring that price hikes for Medicare drugs stay at or below the rate of inflation.
Broader economic benefits for Virginia
Warner and Kaine, both longtime advocates for affordable health care, also highlighted the Inflation Reduction Act’s impact on clean energy and job creation in Virginia. From investments in offshore wind cable manufacturing in Chesapeake to new clean hydrogen production in Chesterfield County, the legislation is bringing economic growth and renewable energy to the region.
For Medicare recipients in Roanoke and across the country, however, the $2,000 out-of-pocket cap represents a tangible, immediate relief from high prescription drug costs.
More information about these changes and other provisions of the Inflation Reduction Act can be found at CMS.gov.
