WASHINGTON, D.C. – Representatives Tom Kean, Jr. (NJ-07), Yadira Caraveo (CO-08) and Jen Kiggans (VA-02) Thursday introduced The Increasing Medication Access for Seniors Act.
The bipartisan legislation would increase awareness and outreach of Medicare beneficiaries’ ability to spread prescription drug costs over the course of a year.
Effective Jan. 1, 2025, Medicare beneficiaries will have the option to “smooth” their Part D out-of-pocket costs through the Medicare Prescription Payment Plan. This program will help beneficiaries who face high cost sharing for prescription drugs manage these costs by spreading them out over the course of the plan year.
Medicare drug costs will be capped at $2,000 for all Medicare beneficiaries, but patients will not benefit from “smoothing” (the ability to pay off $2,000 over the course of a year) unless they sign up for it. Starting with plan year 2025, any Part D enrollee may opt into the program prior to the beginning of a plan year or in any month during a plan year.
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