In August 2022, President Biden signed into law the Inflation Reduction Act improving prescription drug benefits and costs. Starting in 2025, Part D (standalone prescription drug plans) and Medicare Advantage/ Part C plans with prescription drug coverage will offer members an option to pay prescription drug out-of-pocket costs in monthly installments/payments instead of all at once. This is a free optional program. Members will pay no more or less than they normally would (it only changes how members pay not the amount they pay). Members will pay $0 to the pharmacy for their medications. The insurance plan will pay the pharmacy for the entire cost of the medication. The plan will then bill members for their share of the cost each calendar month. This program applies to all types of pharmacies (retail, mail order, specialty, etc.) Medicare Part D and Medicare Advantage/Part C plans will start informing members about the Prescription Payment Plan during Open Enrollment (between October 15-December 7). You can enroll into this program by contacting your plan. To learn more please see below:
