The Centers for Medicare & Medicaid Services (CMS) released the final part one guidance for the new Medicare Prescription Payment Plan
Continuing the ongoing implementation of President Biden’s prescription drug pricing law, the Inflation Reduction Act of 2022, the Centers for Medicare & Medicaid Services released the.
“The guidance released today is an important step in helping certain people with Medicare prescription drug coverage who have high upfront drug costs to spread out their cost sharing over the year,” said CMS Administrator Chiquita Brooks-LaSure. “CMS remains committed to implementing the historic Inflation Reduction Act in order to help people with Medicare lower costs and access the prescriptions they need.
Today’s guidance is accompanied by the release of an Information Collection Request for the Medicare Prescription Payment Plan, which includes model materials for Medicare Part D plan sponsors to use when communicating to Part D enrollees about the program. CMS is seeking feedback on the materials through the ICR public comment process. The comment period is open for 60 days, and comments must be received by April 29, 2024 to be considered.
On January 1, 2024, the law also expanded eligibility for full benefits under the Low-Income Subsidy program under Medicare Part D. Nearly 300,000 people with low and modest incomes currently enrolled in LIS are now benefiting from the program’s expansion including lowering drug costs such as no deductible, no premiums, and fixed, lowered copayments for certain medications. An additional 3 million people could benefit from the Extra Help program now who are not currently enrolled.
https://www.cms.gov/files/document/fact-sheet-medicare-prescription-payment-plan-final-part-one-guidance.pdf
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