Starting January 1, 2025, Medicare is introducing a new benefit that will make it easier for Part D enrollees to manage their prescription drug costs. Traditionally, Medicare patients have faced high out-of-pocket costs and large deductibles at the beginning of the year. This new plan, known as the Medicare Prescription Payment Plan (MPPP), aims to spread these costs more evenly throughout the year, making them more manageable for patients.
How Does the Medicare Prescription Payment Plan Work?
- Cost Spreading: Instead of paying the full cost of prescriptions upfront, the MPPP allows patients to pay in monthly installments. This helps avoid large bills early in the year before deductibles are met.
- Insurance and Pharmacies: Insurance companies will initially cover the prescription costs at the pharmacy. Patients will then repay these costs in installments over the year.
- Eligibility: The plan is available to those enrolled in a Medicare Part D prescription drug plan or an Advantage plan with drug coverage.
Benefits for Patients and Pharmacies
Pharmacies will still receive the full payment at the time of the transaction, while patients benefit from a more manageable payment schedule. If you don’t sign up immediately, pharmacies can assist you during your first prescription purchase, giving you 10 days to enroll in the MPPP.
If you’ve struggled with high pharmacy bills at the start of the year, the MPPP could provide significant financial relief.
At HealthyMarks Medicare, we’re excited to help you navigate these changes and ensure you get the most out of your Medicare benefits. Contact us today to learn more about the MPPP and other ways we can assist you.
Thank you for trusting HealthyMarks Medicare with your healthcare needs.
Keaton Marks is the owner and CEO at HealthyMarks including the medicare team. Keaton was born and raised in Encinitas. He often rode his bike through town and to the local beaches like Moonlight. Keaton knows it is important to have a local resource, someone who understands the area, the hospitals and networks of doctors. Keaton is proud to be a local Medicare broker who is able to assist the people in his town when selecting medicare plans.
Keaton believes one thing above all else: “Medicare is confusing… but it doesn’t have to be! That is where HealthyMarks Medicare comes in” Please contact me with any questions.