As of Jan. 1, 2025, people with prescription drug coverage through Medicare Part D or a Medicare Advantage Plan have a $2,000 spending cap on out-of-pocket costs for prescriptions covered by their drug plan.

An early move by the president has raised questions about what direction his second-term policy on drug costs will take.

Trump rescinded Executive Order 14087, "Lowering Prescription Drug Costs for Americans," which directed Medicare and Medicaid agencies to research and implement models for lowering the costs of prescription drugs. Separate provisions in the Inflation Reduction Act of 2022 also aimed at lower prescription drug costs are still in effect.

President Donald Trump’s Day One executive order rescinding Biden-era Medicare and Medicaid price innovation programs signals sweeping changes to the drug and treatment pricing agency within the Centers for Medicare and Medicaid Services and perhaps a substantive shake-up in two of the largest federal social welfare programs.

A provision about insulin in the Inflation Reduction Act is conflated with a 2022 executive order by former President Joe Biden on lowering prescription drug costs in posts online that suggest President Donald Trump has canceled the $35 insulin co-pay cap for certain Medicare programs.

President Donald Trump rescinded an executive order issued by former President Joe Biden aimed at finding new models for lowering drug costs. Trump's action didn't affect the caps on seniors' drug costs or Medicare price negotiations that Biden signed into law.

Amidst political shifts, President Trump revoked a Biden-era directive aimed at reducing prescription drug costs, raising questions about future policies. Under Biden's order, the Department of Health and Human Services (HHS) was tasked with exploring ways to cut medication expenses for Medicare and Medicaid,