Yes.  In 2023, the Inflation Reduction Act (IRA) of 2022 introduces a provision similar to the 2021-2022 Senior Savings Model with insulin provided at a $35 30-day co-pay throughout all phases of your Medicare Part D plan coverage (up to the 2023 Catastrophic Coverage phase where you will pay only 5% of the retail price never exceeding the $35 co-pay.  (The IRA will eliminate beneficiary cost-sharing during the Catastrophic Coverage phase in 2024.)

However, unlike the existing Senior Saving Model, the new Inflation Reduction Act will expand the insulin $35 co-pay to all Medicare Part D prescription drug plans or Medicare Advantage plans offering prescription drug coverage (MAPDs) for all Part D forms of insulin found on a plan's formulary or drug list.

And beginning July 1, 2023, insulin furnished through Medicare Part B durable medical equipment (DME) will also have a monthly co-pay of no more than $35.

Finally, starting in 2026, the United States government can begin negotiating drug prices directly with pharmaceutical companies, so the future co-pay for insulin may be less than $35 depending on the government's negotiated price.

Question:  Can a 2023 Medicare drug plan implement both the Inflation Reduction Act for $35 insulin and the Senior Savings Model for select low-cost insulin?

Yes.  In 2023, your Medicare drug plan can have two different insulin savings programs - with covered insulin products never costing more than $30 for a 30-day supply.

First, as noted above, all 2023 stand-alone Medicare Part D prescription drug plans (PDPs) and Medicare Advantage plans with drug coverage (MAPDs) will offer all insulin products found on the plan’s formulary for a co-pay of $35 (or less) through all phases of Part D coverage (with insulin costs possibility reduced further in the Catastrophic Coverage phase).

In addition, about 30% of 2023 Medicare drug plans will also implement the Senior Savings Model, offering various “select” types of insulin for a $35 or less co-pay – and all other formulary insulin will still be $35 or less.

How can a Medicare drug plan offer two $35 or less co-pay insulin programs at the same time?

As an example, you may find that your Medicare drug plan may offer some "select" insulin (as noted on the formulary) for a copay of $11 at preferred pharmacies and $33 at regular network pharmacies.  These select insulin products may be listed as Tier 3 drugs.

At the same time, the same Medicare drug plan will offer all additional insulin products featured on the drug plan’s formulary with a co-pay of $35.  So all insulin products (other than the "select" insulins) will be listed as Tier 6 drugs.

Sources include:

https://www.cms.gov/newsroom/press-releases/cms-launches-groundbreaking-model-lower-out-pocket-expenses-insulin
https://www.cms.gov/newsroom/fact-sheets/part-d-senior-savings-model
https://innovation.cms.gov/files/x/partd-seniorsav-plan-rfa.pdf
https://innovation.cms.gov/innovation-models/part-d-savings-model
https://www.cms.gov/newsroom/press-releases/trump-administration-continues-keep-out-pocket-drug-costs-low-seniors
https://innovation.cms.gov/media/document/partd-seniorsav-cy21-spraddendum
https://innovation.cms.gov/media/document/partd-senior-savings-model-cy21-faqs