New Program In 2025 Will Help Thousands With Prescription Drugs

 

The Centers for Medicare & Medicaid Services (CMS) issued additional guidance on February 2nd, 2024, regarding a new program that will allow people with Medicare to pay for their out-of-pocket prescription drug costs in monthly installments. This program, called the Medicare Prescription Payment Plan, is designed to help people with Medicare manage the often high upfront costs of prescription drugs.

Here are some key points from the additional guidance:

• The program will begin in January 2025. People with Medicare Part D will be able to choose to spread their out-of-pocket costs (deductible, coinsurance, and initial coverage gap) over the course of the year, rather than paying them all at once.
• There will be a monthly payment cap. The maximum monthly payment will be $100, but it could be lower depending on the plan design and the beneficiary's income.
• People will be able to enroll in the program at any time during the year. However, they will have to pay all of their out-of-pocket costs for the year before they can start making monthly payments.
• The program will be available through all Medicare Part D plans. Plans will be responsible for collecting the monthly payments and submitting them to CMS.
• To find out if you qualify and explore available plans in your state, visit medicare.gov or contact your local Medicaid office. You may also Click Here and a licensed skilled agent will be in contact to answer any questions you may have.