New cap on prescription costs offers relief to Ohio seniors

Farah Siddiqi

Ohioans struggling with rising prescription drug prices may find relief in a new law, which caps annual out-of-pocket costs for Medicare Part D enrollees.

The law takes effect in January and limits out-of-pocket costs to $2,000 dollars per year. Many Ohio residents, especially seniors, are expected to benefit from this change.

Carol Sarbaugh, an Ohio resident, said she is already facing high prescription costs.

"As of this point in the year, I've got over $2,300 in prescriptions, so it will affect me greatly," Sarbaugh asserted. "This will help us to be able to budget better and understand our costs involved throughout the year."

The new law is part of the Inflation Reduction Act of 2022, aimed at making prescription drugs more affordable for seniors. With a cap in place, many Ohioans, especially those with chronic conditions, will no longer have to worry about the burden of unlimited out-of-pocket costs.

Jenny Carlson, state director of AARP Ohio, said while the law offers significant relief, awareness remains a challenge.

"This law is a huge step forward in providing predictability to our seniors," Carlson emphasized. "This is a huge pocketbook issue for Ohioans. Seventy-one percent of adults 50-plus surveyed said that they were or they knew someone who would benefit from the new law."

Carlson stressed the need for consumer education as open enrollment approaches on Oct. 15, encouraging Ohioans to shop around and fully understand their Medicare options under the new policy. While the cap will bring savings for many, the success of the program hinges on informed participation.