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New Medicare Prescription Payment Plan will help people pay Medicare Part D costs over the year instead of all at once
President Biden’s prescription drug law, the Inflation Reduction Act, gives people with Medicare prescription drug coverage (Medicare Part D) the option to pay out-of-pocket costs in monthly payments spread out over the year, starting in 2025. Today, the Centers for Medicare & Medicaid Services (CMS) released draft guidance for comment that outlines the requirements and procedures for certain aspects of the new Medicare Prescription Payment Plan. By enabling seniors and people with disabilities with Medicare Part D coverage to spread out cost sharing over the year, the program could reduce the burden of high upfront out-of-pocket prescription drug costs.
“For people with Medicare Part D who face high costs early in the year, today’s announcement will ease the burden of out-of-pocket prescription drug costs,” said HHS Secretary Xavier Becerra. “This is one more example of how the President’s prescription drug bill is reducing costs and increasing access to life-saving medicines for our Medicare beneficiaries.”
[EXTERNAL LINK] - CMS Issues Draft Guidance on New Program to Allow People with Medicare to Pay Out-of-Pocket Prescription Drug Costs in Monthly Payments | CMS
President Biden’s prescription drug law, the Inflation Reduction Act, gives people with Medicare prescription drug coverage (Medicare Part D) the option to pay out-of-pocket costs in monthly payments spread out over the year, starting in 2025. Today, the Centers for Medicare & Medicaid Services (CMS) released draft guidance for comment that outlines the requirements and procedures for certain aspects of the new Medicare Prescription Payment Plan. By enabling seniors and people with disabilities with Medicare Part D coverage to spread out cost sharing over the year, the program could reduce the burden of high upfront out-of-pocket prescription drug costs.
“For people with Medicare Part D who face high costs early in the year, today’s announcement will ease the burden of out-of-pocket prescription drug costs,” said HHS Secretary Xavier Becerra. “This is one more example of how the President’s prescription drug bill is reducing costs and increasing access to life-saving medicines for our Medicare beneficiaries.”
[EXTERNAL LINK] - CMS Issues Draft Guidance on New Program to Allow People with Medicare to Pay Out-of-Pocket Prescription Drug Costs in Monthly Payments | CMS
