Beginning January 1, 2025, everyone with Part D plans through traditional Medicare and Medicare Advantage plans with prescription coverage (MA-PDs) won’t pay more than $2,000 in annual out-of-pocket prescription costs. All prescription medications covered by Part D plans are included under this cap, including deductibles, copayments, and coinsurance for covered drugs. In addition, The Medicare Prescription Payment Plan is a new voluntary Medicare Part D payment option going into effect on January 1, 2025. When you enroll, you will be able to spread your out-of-pocket prescription costs throughout the year and pay for them monthly. The program will only be offered to people with Medicare Part D plans (including MA-PDs), and unlike the annual cap, you have to opt-in to take advantage of the program.
- Learn more about the upcoming cap and how it will help you lower your out-of-pocket costs at the PAN Foundation’s Medicare education hub: https://www.panfoundation.org/everything-you-need-to-know-about-medicare-reforms/
- Learn more about the Medicare Prescription Payment Plan at the PAN Foundation’s Medicare education hub: https://www.panfoundation.org/understanding-the-medicare-prescription-payment-plan/