Jack's Blog on Medicare Plan Choices

The new Medicare Prescription Payment Plan, starting in 2025, allows Medicare Part D enrollees to spread out their out-of-pocket prescription drug costs with capped monthly payments instead of paying all at once.

This will be helpful to many enrollees but especially helpful for those with high costs early in the year. While available to all Part D enrollees, some may find other plans more beneficial.

I will post a direct link to the subject on the official government website. But first, I’ll give my version In a nutshell:

• Participants pay $0 at the pharmacy for covered drugs.
• The pharmacy bills the insurance carrier.
• You make monthly payments to the insurance carrier.
• Missing monthly payments can lead to being put out of the program, but there is a two-month grace period.
• Important: You can be disenrolled from the payment plan for missed payments, but this will not disenroll you from your Medicare Advantage or Prescription Drug Plan.

Starting with the plan year 2025, any Part D enrollee can opt into the program either before the plan year begins or during any month within the plan year. You can opt in directly with carrier. If you opt-in before the plan year starts, the  request should be processed within 10 calendar days. If the request is made during the plan year, it must be processed within 24 hours.

Before choosing an Advantage or Supplement plan, ensure you have a thorough understanding of Medicare itself. When it’s time to explore your options, don’t fall for a sales pitch from a single company or an agent representing only one provider.

At “More Plans More Choices,” I can provide you with side-by-side comparisons from various insurance carriers. More carriers plus more plans equals more choices.

Call me toll free at (888) 883-6074

Here is a link to the Medicare Site: https://www.cms.gov/inflation-reduction-act-and-medicare/part-d-improvements/medicare-prescription-payment-plan