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January jobs report: Unemployment rate falls to 4%, wages rise more than forecast; Trump signs order imposing sanctions on International Criminal Court over investigations of Israel; Ten Commandments in public schools debate reaches South Dakota; Virginia ranks among worst states for wage theft; Mexican long-nosed bat makes appearance in Arizona.

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Attorney General Pam Bondi strikes a Trump tone at the Justice Department, federal workers get more time to consider buyouts, and an unclassified email request from the White House worries CIA vets.

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During Black History Month, a new book shares how a unique partnership built 5,000 schools for Black students, anti-hunger advocates say ag communities would benefit from an expanded SNAP program, and Americans have $90 billion in unpaid medical bills.

Prescription costs soon to be capped for Iowa seniors

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Monday, September 16, 2024   

A new report from AARP Iowa predicts thousands of seniors on Medicare Part D in the state will save money on their prescriptions, thanks to a cap on out-of-pocket expenses set to take effect next year.

The limit is part of the Inflation Reduction Act. The report says more than 27,000 Iowans will see their annual out-of-pocket prescription drug costs capped at $2,000.

AARP Iowa's Advocacy Manager Paige Yontz said right now, some Iowa seniors are forced to use cost-coping strategies - like not filling a prescription or skipping doses - to save money.

"On average, people who reach that capped amount are going to see a savings of about $1,500," said Yontz. "This is something that AARP really fought hard for. We knew that this would provide critical relief for Medicare enrollees here in Iowa."

The AARP report breaks down the number of seniors who will benefit from the cap by state, age, gender, and race between 2025 and 2029.

Nationwide, the new cap is expected to mean 3.2 million people will see a reduction in prescription drug expenses.

Yontz said the cost of prescription medications is among the biggest concerns Iowa seniors face. She added that the cap will provide some cost certainty for a vulnerable segment of the population.

"Knowing that people aren't going to pay a dime over $2,000 is just such a financial relief for so many people, regardless of their income level," said Yontz. "There are just so many people that struggle to make ends meet, when it comes to paying for the drugs that they need."

The cap on prescription drug costs takes effect the first of next year.



Disclosure: AARP Iowa contributes to our fund for reporting on Budget Policy & Priorities, Community Issues and Volunteering, Consumer Issues, Health Issues. If you would like to help support news in the public interest, click here.


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