Medicare Open Enrollment: What to Know About Part D Plans and Drug Cost Caps

Medicare Part D Prescription Drug Plans

• 🗓️ Medicare open enrollment is currently underway and runs until December 7th.
• 📉 A notable change this year is a reduction in the number of Medicare Part D prescription drug plans available.
• 🎯 For example, beneficiaries in Dallas now have 12 plans from approximately four major insurance carriers to choose from.
• 💊 When selecting a plan, it's crucial to input your specific prescriptions to compare costs and benefits across different options.

Prescription Drug Cost Cap

• 💰 Whether you have a standalone Medicare Part D plan or a Medicare Advantage plan that includes prescription drug coverage, your out-of-pocket cost for covered drugs is capped.
• ⚖️ This cap was established by the Inflation Reduction Act, passed in 2022.
• ⚠️ Despite some legislative changes, the prescription drug cost cap remains in effect.
• 📈 For the upcoming year, the cap has increased slightly from $2,000 to $2,100 annually.
• 💳 You have the option to spread your prescription costs out into monthly payments.
• ✅ It is important to verify that all your medications are covered by the chosen plan before enrolling, as the cap applies to all covered prescriptions for the year.