Medicare Prescription Payment Plan Info
In August 2022, President Biden signed the Inflation Reduction Act of 2022 (P.L. 117-169) into law. The prescription drug law makes improvements to Medicare by expanding benefits, lowering drug costs, and improving the sustainability of the Medicare program for generations to come. It provides meaningful financial relief for millions of people by improving access to affordable treatments and strengthening Medicare, both now and in the long run.
Fact Sheet: Medicare Prescription Payment Plan Final Part One Guidance
Medicare Prescription Payment Plan Implementation Timeline
Updated implementation timeline
Updates
August 16, 2024
CMS announced that they have reached agreements with the manufacturers of the initial 10 drugs selected for Medicare negotiation as directed under the Inflation Reduction Act. CMS estimates that with the newly negotiated prices for these 10 drugs Medicare will save an estimated $6 billion. The Fact Sheet on the negotiated price can be found here.
July 16, 2024
CMS released the final part two guidance for the new Medicare Prescription Payment Plan after considering the public comments. This guidance primarily focuses on Part D enrollee education, outreach, and communications related to the Medicare Prescription Payment Plan.
This guidance builds on the final part 1 guidance, which focuses on operational requirements for the program, issued on February 29, 2024, and is accompanied by the release of the final Medicare Prescription Payment Plan model materials.
Click here to read the full Press Release.