A new AARP report has revealed that Medicare will implement changes to help individuals save money on prescription drug purchases. AARP Public Policy Prescription Drug Policy Principal Leigh Purvis joins Wealth! to discuss these changes.

Purvis explains that this new protection will cap the limit on out-of-pocket expenses for individuals each year. While there wasn't a cap in place before, starting in 2025, there will be a $2,000 limit for all individuals in Medicare prescription drug plans, "which is incredibly important for people facing high costs."

In terms of other savings, Purvis advises individuals to maintain open communication with healthcare providers, seek lower-cost generic or alternative versions of needed drugs, and look into programs that help "reduce or eliminate" prescription drug costs.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Angel Smith