The new Medicare Prescription Payment Plan, starting January 1, 2025, aims to help Medicare Part D patients manage their prescription drug costs.
Key features include capping out-of-pocket costs at $2,000 annually and allowing patients to spread these costs over 12 monthly payments.
Patients can enroll in the program starting October 15, 2024, during the open enrollment season, and can opt in at any time thereafter.
The plan ensures that patients’ annual out-of-pocket expenses do not exceed $2,000, making prescription costs more predictable and manageable.