Medicare patients in the Part D prescription drug program often face significant out-of-pocket costs early in the year while trying to meet their deductible. A new program, the Medicare Prescription Payment Plan, will help make prescription drug costs more manageable for patients.
What is the Medicare Prescription Payment Plan?
The program has two main benefits for seniors:
- Patients’ out-of-pocket costs will be capped at $2,000 a year.
- Patients can spread their prescription costs evenly across 12 monthly payments.
The program is for patients enrolled in the Medicare Part D program.
How will the program work?
- A patient will enroll in the Medicare Prescription Payment Plan.
- The patient’s Part D plan sponsor will pay their upfront out-of-pocket costs.
- The patient’s annual out of-pocket expense will be divided into 12 installments. Each month the patient will make his or her monthly payment to the Part D sponsor, instead of paying the pharmacy.
If patients accrue additional costs throughout the year, their payments may adjust. But their annual total will not exceed $2,000.
How can I opt in?
Patients can opt into the Medicare Prescription Payment Plan directly with their Part D sponsor during open enrollment season, which begins October 15, 2024.
When can a patient opt into the program?
October 15, 2024: Enrollment opens
January 1, 2025: Medicare Prescription Payment Plan begins
After initial enrollment opens on October 15, 2024, Medicare Part D patients may opt-in at any point during the year.
The Medicare Prescription Payment Plan can make out-of-pocket costs more manageable, allowing patients to focus on what matters to them.
For more information, view the original resource here.
