Prescription drug costs are skyrocketing. Will Medicare Part D bring relief?

Trevor Mahoney for CheapInsurance.com

Prescription drug costs are skyrocketing. Will Medicare Part D bring relief?

The law of supply and demand dictates that when competition is scarce, prices will inevitably skyrocket. In the health care realm, this often means that patients facing high drug costs are often forced to forgo care, a decision that can lead to health complications. For Medicare beneficiaries in particular, soaring specialty drug prices and seemingly outrageous out-of-pocket expenses have created a tension point in U.S. health policy.

Back in 2022, though, the introduction of the Inflation Reduction Act offered a partial remedy that began at the start of 2025: Medicare Part D. This limited out-of-pocket spending to $2,000 for covered prescription drug use that fell under