New Medicare Guidance on Lowering Prescription Drug Costs

July 26th, 2024

1 min read

The Biden-Harris Administration, through the Department of Health and Human Services (HHS) and the Centers for Medicare & Medicaid Services (CMS), has released the final part two guidance for the Medicare Prescription Payment Plan under the Inflation Reduction Act.

This plan allows Medicare beneficiaries to spread their prescription drug costs over the year starting in 2025, capping annual out-of-pocket expenses at $2,000. The initiative aims to provide financial relief and prevent high upfront costs. CMS is also enhancing outreach and education to ensure beneficiaries are aware of these changes.

These efforts complement other measures like the $35 insulin cap and expanded eligibility for the Extra Help program, further alleviating prescription drug costs for Medicare enrollees.

View Press Release

https://www.cms.gov/newsroom/press-releases/biden-harris-administration-releases-final-part-two-guidance-help-people-medicare-prescription-drug

Fact Sheet

For the fact sheet on the final part two guidance for the Medicare Prescription Payment Plan, please visit: https://www.cms.gov/files/document/fact-sheet-medicare-prescription-payment-plan-final-part-two-guidance.pdf

Timeline

For an updated implementation timeline for the Medicare Prescription Payment Plan, please visit: https://www.cms.gov/files/document/medicare-prescription-payment-plan-timeline.pdf

Topics:

CMS

Prescription Drugs

AEP

Inflation Reduction Act

New Medicare Guidance on Lowering Prescription Drug Costs

View Press Release

Fact Sheet

Timeline

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