The Centers for Medicare and Medicaid Services (CMS) has released a new demonstration program that will begin on January 1, 2021. It is designed to provide Medicare enrollee’s affordable access to insulin by capping the cost of a 30-day supply to a maximum of $35. For enrollees who take insulin and enroll in a plan participating in the model, insulin prescriptions will not be subject to a plan’s deductible or see any coverage gap cost increases. CMS states that beneficiaries should save an average of $446 in annual out of pocket costs for insulin. With the Medicare Part D Election Period approaching (Oct 15- Dec 7) when members of Part D drug plans can make plan changes for the next year, it will be especially important for diabetics to review their plan’s renewal information as well as look at other plan options. For more on the Medicare Part D Senior Savings Model, visit this CMS web page: https://innovation.cms.gov/innovation-models/part-d-savings-model.
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Medicare’s New Part D Senior Savings Model
Posted by Phil Dougherty
October 5, 2020