Starting in 2025, Medicare recipients will see a $2,000 out-of-pocket cap on some prescription drugs. Seniors will also have the option to pay their copayments through an installment plan throughout the year.The government will cover a larger share of seniors' drug plans, with temporary subsidies capping premiums from rising more than $35 a month."That program was designed to help keep those plans participating in the marketplace but also to prevent monthly Part D premiums from increasing dramatically for standalone drug coverage," Deputy Director of Medicare Policy at KFF Juliette Cubanski said. The changes aim to remove barriers to healthy living and help lower costs for seniors." a really big deal for people with Medicare since most folks on Medicare live on relatively low incomes," Cubanski said.In some cases, the changes could help many struggling to keep up with paying and taking their prescriptions."In some cases, they simply don't fill their prescriptions," Health Research Professor Jack Hoadley of George Washington University said. "For the system, that means they may not end up in the hospital. It's improving their health and therefore improving cost and creating savings for the health system as a whole."Changes are automatically applied to Medicare plans, but there are some things to watch. The $2,000 out-of-pocket cap only applies to drugs covered by a prescription plan, so double-check medications as coverages change from year to year. Open enrollment for next year is closed, so plans cannot be changed, but if prescribed a new drug during the year that's not included, seniors can petition their plan to cover it.
Starting in 2025, Medicare recipients will see a $2,000 out-of-pocket cap on some prescription drugs. Seniors will also have the option to pay their copayments through an installment plan throughout the year.
The government will cover a larger share of seniors' drug plans, with temporary subsidies capping premiums from rising more than $35 a month.
"That program was designed to help keep those plans participating in the marketplace but also to prevent monthly Part D premiums from increasing dramatically for standalone drug coverage," Deputy Director of Medicare Policy at KFF Juliette Cubanski said.
The changes aim to remove barriers to healthy living and help lower costs for seniors.
"[It's] a really big deal for people with Medicare since most folks on Medicare live on relatively low incomes," Cubanski said.
In some cases, the changes could help many struggling to keep up with paying and taking their prescriptions.
"In some cases, they simply don't fill their prescriptions," Health Research Professor Jack Hoadley of George Washington University said. "For the system, that means they may not end up in the hospital. It's improving their health and therefore improving cost and creating savings for the health system as a whole."
Changes are automatically applied to Medicare plans, but there are some things to watch. The $2,000 out-of-pocket cap only applies to drugs covered by a prescription plan, so double-check medications as coverages change from year to year. Open enrollment for next year is closed, so plans cannot be changed, but if prescribed a new drug during the year that's not included, seniors can petition their plan to cover it.