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AARP released a report that shows an estimated 66,617 Virginians on Medicare prescription drug plans will see savings thanks to a new out-of-pocket cap that starts Jan. 1, 2025. The savings are made possible by a provision in the 2022 prescription drug law that AARP championed which caps out-of-pocket prescription drug costs every year, beginning at $2,000 next year, for America’s 56 million Medicare drug plan enrollees.

The AARP report analyzes the number of enrollees who will benefit from the cap by state, age, gender, and race between 2025 and 2029. The findings indicate that Medicare drug plan enrollees nationwide who reach the new out-of-pocket cap will see average savings of roughly $1,500, or 56%, in 2025 for their prescription drugs. The report also found that the number of Virginians who will benefit from this provision will grow to more than 86,000 by 2029.