Senior Benefit Services, a senior insurance organization, recently released a report on the potential changes that the Inflation Reduction Act is expected to bring to Medicare in 2025.
There are a number of changes that affect costs for Medicare Part D recipients. Starting in 2025, the “donut hole”, the gap between what a person’s Medicare Part D plan covers and where catastrophic coverage that covers all drug costs begins, will be eliminated. There will also now be a $2,000 cap on out-of-pocket expenses for Medicare Part D beneficiaries.
In terms of potential new options, beneficiaries whose drug costs vary during the year may be able to select a monthly payment option that attempts to smooth out the variation in monthly costs.
Altogether these changes should result in lower out-of-pocket costs for people who have had high prescription drug costs, they may also result in fewer Medicare Part D plans being offered. Remaining plans may also have higher premiums and fewer in-network pharmacies.
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The full report is available at the following link: The Inflation Reduction Act: Explained! – (sbsteam.net)
