Fatcamera | E+ | Getty ImagesA new law is poised to cap seniors' prescription drug costs covered under Medicare, starting in 2025. But retirees may be in for a shock next year — significantly higher Medicare Part D premiums for prescription drug coverage. That represents an increase ranging from $128.32 to $380.96 from 2023 to 2024, according to the firm. watch nowInsurers may pay higher costs due to the higher out-of-pocket limits, and higher premiums is a way of getting beneficiaries to share that burden, according to Ron Mastrogiovanni, founder & CEO of HealthView Services. High-income beneficiaries will pay higher premiums.

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Persons: Ron Mastrogiovanni, Mastrogiovanni, Juliette Cubanski, Cubanski, Michael Daley, Daley Organizations: Medicare, HealthView Services, Research, Social Security Locations: California, Florida , New York , Pennsylvania, Texas, KFF