Lower out-of-pocket drug costs

Starting on April 1, 2023, if the cost of certain medications and biologicals covered by Medicare Part B has increased faster than the rate of inflation, you might be required to pay a lower coinsurance amount. Each quarter, the specific medications, formularies, and potential savings are different and possibly higher.

Starting in 2024, you won't have to pay a copayment or coinsurance if your medication expenses are high enough to qualify you for Medicare catastrophic coverage phase.

Beginning in 2024, a limited number of individuals with low incomes who make less than 150% of the federal poverty threshold will be eligible for Extra Help paying for prescription medication coverage (the Part D Low-Income Subsidy (LIS) program).

Beginning in 2025, the annual Medicare Part D out-of-pocket maximum will be $2,000 per person. Additionally, you will have the choice to spread out your out-of-pocket expenses over the course of the plan year rather than paying them all at once.

MedHelpCenter.us recommends that you call the Senior Health Insurance Agency at 813-592-8568 for further explanation.