A number of provision included in the “
Inflation Reduction Act”
(IRA) will continue to positively impact 2024 Medicare Part D prescription drug plan coverage
including:
- No cost for many popular vaccines
Medicare Part D prescription drug plan members will have no cost ($0) sharing for certain common vaccines recommended by the Advisory Committee on Immunization Practices (ACIP), such as the Shingles vaccine and Pneumonia vaccine. The purchase of a vaccine in the plan's Initial Deductible (if any), will not impact the deductible balance, but the retail cost of the vaccine will count toward reaching the Donut Hole or Coverage Gap..
- Cost for covered insulin will be $35 or less for a 30-day supply
Insulin products included on a Medicare
Part D plan formulary will have a $35 (or less) monthly co-pay and will not be
subject to the plan’s initial deductible (if any). The monthly cost of insulin will remain consistent throughout the
Medicare drug plan's Initial Coverage Phase, and Coverage Gap (Donut
Hole). A person will have no additional costs ($0) for any formulary drugs once reaching the 2024 Catastrophic
Coverage
phase. The purchase of a vaccine in the plan's Initial Deductible (if any), will not impact the deductible balance, but the retail cost of the insulin will count toward reaching the Donut Hole or Coverage Gap.
In
addition, Since 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.
No-cost vaccines and low-cost insulin products will be offered by both stand-alone Medicare
Part D plans (PDPs) and Medicare Advantage plans that include drug
coverage (MAPDs).