Navigating the Medicare Prescription Payment Plan: Challenges for Plan Sponsors
The Inflation Reduction Act introduced the Medicare Prescription Payment Plan that enables Medicare beneficiaries to pay prescription drug costs monthly throughout the year rather than all at once at the point of sale.
The plan benefits beneficiaries with high prescription costs early in the year but burdens Medicare Part D plan sponsors with significant operational challenges that must be overcome quickly.
Download this eBook to learn more about those challenges and action items to take to overcome them.
Did You Know?
You Must Identify Those Likely to Benefit
You'll need to identify and communicate to those that are likely to benefit from the Medicare Prescription Payment Plan.
From promotional communications to delinquency and termination communications, plan sponsors have several new communication requirements.
Plan Sponsors Have Until January 1, 2025, to Comply.
Though the guidance defining the Medicare Prescription Payment Plan likely won't l be finalized until the spring or summer of 2024, the plan will go live on January 1, 2025. Plans must act now to ensure compliance.
