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Sen. Schumer Announces Prescription Drug Cap for Medicare Customers


For the first time, seniors in New York who are on Medicare will have a cap on total out-of-pocket prescription drug costs.

On Thursday, Senate Majority Leader Charles Schumer announced a first-of-its-kind cap on out-of-pocket costs in Medicare Part D for 2024. Schumer said it is a “major shot in the arm”

“That means no one will pay more no matter how many drugs you take and how expensive they are,” said Schumer. “No one, no one will pay more than $3,300 for their drug prices.”

Schumer adds the cap will be lowered further to $2,000 in 2025

“Every senior will have the ability to break this into monthly payments of $167 a month at tops. So, from thousands of dollars each month to $167 – wow! That’s money in the pocket of millions of senior citizens.”

More than three million seniors in the state are on Medicare, including $249,000 in the Finger Lakes-Rochester region

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