Last week, the Centers for Medicare & Medicaid Services (CMS) released factsheets, takeaway cards, and a new website related to the Medicare Prescription Payment Plan. The factsheets and takeaway cards are available in English Spanish, Chinese, Korean, and Vietnamese. The Medicare Prescription Payment Plan is a new payment option in the Inflation Reduction Act of 2022 that works to assist Medicare beneficiaries with management of their out-of-pocket expenses by spreading copayments across the calendar year. Beginning in 2025, anyone with a Medicare drug plan or Medicare health plan with drug coverage can use this option. Additionally, an enrollee’s out-of-pocket spending for insulin and 10 other frequently used drugs will be capped at $2,000 per year. In March 2024, the Assistant Secretary For Planning and Evaluation released a report that estimates this cap will help enrollees who take high-priced drugs, including rural enrollees.
