New initiative to ease out-of-pocket drug costs and cap annual expenses at $2,000 for Medicare beneficiaries by 2025.
The Department of Health and Human Services (HHS), through the Centers for Medicare & Medicaid Services (CMS), is implementing a plan to lower out-of-pocket prescription costs under the Inflation Reduction Act. CMS released the final guidance on plan outreach and education for the Medicare Prescription Payment Plan, to ensure that Medicare beneficiaries are aware of this new payment option.
Beginning next year, this plan will allow beneficiaries to spread their prescription drug costs out over the calendar year instead of paying in full each time they fill a prescription. The annual out-of-pocket prescription drug costs for Medicare beneficiaries will be limited to $2,000, and insulin costs will be capped at $35 per month.
“This new payment option provides people with high Rx spending the option to spread out the costs of their prescription drugs over the calendar year and eliminate the burden of paying the total out-of-pocket cost upfront,” said CMS Administrator Chiquita Brooks-LaSure.
As the Lord Leads, Pray with Us…
- For Administrator Brooks-Lasure as she oversees the effort to inform Medicare beneficiaries of the new Medicare Prescription Payment Plan.
- For discernment for Secretary Xavier Becerra as he heads the Department of Health and Human Services.
Sources: Department of Health and Human Services
