The American Lung Association has announced a campaign to raise awareness about an upcoming program designed to help seniors manage the cost of critical medications. This initiative is in response to a new law that will take effect on January 1, 2025, aimed at reducing out-of-pocket expenses for Medicare beneficiaries.
Under this new regulation, seniors enrolled in Medicare Part D will have their annual prescription drug costs capped at $2,000. The measure is part of the Inflation Reduction Act and seeks to ease the financial strain on those who currently spend more than $2,000 each year on medications.
Harold Wimmer, President and CEO of the American Lung Association, emphasized the importance of educating healthcare providers about these changes. "The Lung Association is actively working to educate healthcare providers about the new out-of-pocket cap and payment plan options. Providers play a crucial role in informing patients about these new benefits, especially those who have high prescription drug costs," Wimmer stated. He added that understanding how the payment plan can be customized to individual needs is vital for providing financial relief.
Additionally, seniors will have the opportunity to enroll in a Medicare Prescription Payment Plan. This plan allows them to distribute their $2,000 cap into monthly payments throughout the year. Enrollment for this payment plan coincides with Medicare Open Enrollment from October 15 through December 7 or can be done at any time during the 2025 plan year.
The American Lung Association has also created resources to help seniors decide if enrolling in the Medicare Prescription Payment Plan is suitable for them. For further details and assistance, individuals are encouraged to visit Lung.org/medicare.
