Inflation Reduction Act
The inflation reduction act is making big changes to Part D plans for 2025. Some of the expensive drugs like Eliquis have had their pricing negotiated down, but there is little public information regarding the new pricing. Part D prescription plans will have a higher deductible again for 2025, it is up to $590.
Not all plans will implement this amount but it's more important than ever to review your "annual notice of change" to make sure of what your plan is doing in 2025. Carriers must get this ANOC to you no later than October 1st. If you don't get it in the mail, then you may have opted in for an electronic delivery, so be sure to check your e-mail or go onto your carrier's portal to see the ANOC.
The biggest change to all drug plans is the implementation of a Maximum out of Pocket of $2,000. That means if you're taking rather expensive drugs and you've been spending more than $2,000 annually you should be pleased. Another major reform is that all carriers must offer you a payment plan in which you can spread out the costs of expensive prescriptions and pay for them over the course of the year. This will help cash flow for you if you live on a fixed income. You have to activate this option and it is not automatic. How that is going to be implemented is complex and not sure if insurance carriers are going to execute this very well, but stay tuned.
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Warren Pitman
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