WASHINGTON – Today, AARP Executive Vice President and Chief Advocacy and Engagement Officer Nancy LeaMond issued the following statement on the first day the new $2,000 annual out-of-pocket spending cap for prescription drugs goes into effect for our nation’s nearly 55 million Medicare Part D enrollees: 

"Today’s milestone marks a significant step forward in our longstanding efforts to lower prescription drug prices. AARP members from across the political spectrum overwhelmingly call lowering prescription drug costs a top concern and this new out-of-pocket spending cap will provide critical savings, allowing people to redirect money toward their families, broader health needs, or financial stability. As the voice for 100 million Americans aged 50-plus, AARP remains committed to ensuring this law is fully implemented and continues to lower drug costs for seniors for years to come."

According to the AARP Public Policy Institute, it’s estimated that roughly 95% of Medicare Part D enrollees projected to reach the new $2,000 out-of-pocket cap will have lower total overall costs in 2025, saving an average of nearly $2,500.

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About AARP

AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With a nationwide presence, AARP strengthens communities and advocates for what matters most to the more than 100 million Americans 50-plus and their families: health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the nation's largest circulation publications, AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org/about-aarp/, www.aarp.org/español or follow @AARP, @AARPenEspañol and @AARPadvocates on social media.