New Medicare Law Limits What Seniors Pay Out of Pocket to $5,000 a Year

Lawmakers proposed a law on June 27 that would cap how much money seniors on Medicare pay directly for healthcare each year at $5,000. This would be the first time Medicare has ever set such a limit in its 56-year history. It would cost the government $39 billion more per year, but only 3.2 million seniors with the highest medical bills would benefit—saving about $1,024 each.