July 22, 2024
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On July 16, 2024, the U.S. Department of Health and Human Services (HHS), through the Centers for Medicare and Medicaid Services (CMS), released the Final Part Two Guidance regarding plan outreach and education for the Medicare Prescription Payment Plan, which aims to ensure that people with Medicare prescription drug coverage, especially those most likely to benefit, are aware of the payment option. Starting in 2025, the Medicare Prescription Payment Plan will provide the people with Medicare prescription drug coverage to spread the costs of their prescription drugs over the calendar year, rather than requiring payment in full at pharmacies each time they have prescriptions filled. As shared in an HHS news release, "Notably, this payment option launches at the same time that all individuals with Medicare prescription drug coverage will begin to have their annual out-of-pocket prescription drug costs capped at $2,000, providing needed financial relief for high prescription drug costs." CMS Administrator Chiquita Brooks-LaSure was quoted in the news release saying, "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 . . . CMS is continuing to implement the many important provisions of the Inflation Reduction Act to help people with Medicare access the prescriptions they need." Click here to access the newly released guidance itself; click here to access a fact sheet on the guidance; and click here to access the relevant HHS news release for more information. |
