Yes.  The Inflation Reduction Act (IRA) requires that a 30-day supply of any insulin product on a 2024 Medicare Part D prescriptions drug plan's formulary is covered at a maximum $35 copay throughout all phases of your Medicare Part D plan coverage: Initial Deductible (if any), Initial Coverage phase, and the Coverage Gap (Donut Hole).

As a practical note, many Medicare Part D drug plans will offer some formulary insulin products for a copay of less than $35 (for example, a $20 copay for a 30-day supply).

If you have higher out-of pocket expenses (over $8,000), and exit the 2024 Coverage Gap, you will have no additional costs for any formulary drugs (including insulin) for the remainder of the year.

As a reminder, beginning in 2024, the IRA eliminates beneficiary cost-sharing during the Catastrophic Coverage phase.  In 2025, the IRA will eliminate the Coverage Gap as the third part of Part D drug coverage and a Part D beneficiary will not have any additional expenses for formulary drugs after spending $2,000 out-of-pocket.

The IRA's $35 insulin copay is similar to the 2021-2022 Senior Savings Model coverage.  However, unlike the earlier Senior Saving Model, the Inflation Reduction Act of 2022 expands the insulin $35 copay to all Medicare Part D prescription drug plans or Medicare Advantage plans offering prescription drug coverage (MAPDs) and includes all Part D forms of insulin found on a drug plan's formulary or drug list.

As a note, since June 2023, insulin furnished through Medicare Part B durable medical equipment (DME) coverage (such as used in insulin pumps) will also have a monthly copay 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 copay for insulin may be less than $35 depending on the government's negotiated price.

Sources include: