Senior Listening
The Inflation Reduction Act will save money for people with Medicare by improving access to affordable treatments and strengthening the Medicare program.
Here’s what the law means for you: Lower drug costs & improved Part D coverage
• The cost of a month’s supply of each Part D-covered insulin will be capped at $35 and you won’t have to pay a deductible for insulin starting on January 1, 2023. o If you get a 60 or 90-day supply of insulin, your costs can’t be more than $35 for each month’s supply of each covered insulin. o If you take insulin through a traditional pump that is covered under Medicare’s durable medical equipment benefit, that insulin is covered under Medicare Part B — these benefits go into effect July 1, 2023.
• If you have drug costs high enough to reach the catastrophic coverage phase in your Medicare drug coverage, you won’t have to pay a copayment or coinsurance starting in 2024.
• Extra Help affording prescription drug coverage (the Part D Low-Income Subsidy program) will expand to certain people with limited resources who earn less than 150% of the federal poverty level starting in 2024. Currently single persons with income under $20,385 and resources under $15,510 and couples with income under $27,465 and resources under $30,950 may qualify.
• Your yearly Part D out-ofpocket costs will be capped at $2,000, starting in 2025. You’ll also have the option to pay out-of-pocket costs in monthly amounts over the plan year, instead of when they happen.
If you have any questions or would like to see if you can apply for assistance, contact your local ship counselor at 800-551-3191.
