Changes Coming to Medicare Part D Plans in 2023

Medicare Part D Plans in 2023
The Inflation Reduction Act of 2022 was signed by President Biden on August 16th, which includes a broad package tax and climate change provisions as well. The law has several components to lower prescription drug costs for those with Medicare or reduce spending by federal government agencies like Medicaid in order alleviate some burden off our wallets at least temporarily while we recover from this economic downturn caused largely due too high unemployment rates among young adults who have been able find jobs but not afford mortgages along side towering student debt loadings upon them already making it difficult if not impossible sometimes even
We’re delighted to introduce a new program that eliminates cost-sharing for adult vaccines covered under Medicare Part D and improves access in those with limited means. This includes most notably the expensive shingles vaccine (Shingrix), which will now have no out-of pocket expense!
Medicare drug plan coverage will be capped at $35 for a 30-day supply of any insulin that an enrollee needs. This is in accordance with the new regulations from CMS and even if you have not met your annual deductible, it applies to all Part D plans as well!
Premiums for Part D plans will be increasing by 6% in each year through 2029. The national average premium is $33 a month, but this can vary widely depending on where you live and what plan type is selected.”
Beginning in 2025, the maximum amount they will have to pay out of pocket for prescription drugs each year will be $2,000. The amount of the cap could change over time. If what Medicare Part D spends on prescription drugs per enrollee increases, that $2,000-a-year cap could also rise.

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