More than 3.3 million Medicare beneficiaries take one of the common forms of insulin. Beneficiaries will be able to sign up for these plans during Medicare’s open enrollment period, which will run from Oct. Verma said this pilot is expected to save recipients about $446 a year on their insulin costs. Seema Verma, administrator of the Centers for Medicare & Medicaid Services (CMS), told reporters Tuesday that 25 million beneficiaries - or 54 percent of those enrolled in prescription drug plans - already belong to an enhanced Part D plan. While the average monthly premium for basic Medicare drug plans is $32.09 in 2020, the enhanced plans cost $49.32 a month. Eighty-eight health insurers have agreed to participate in the new insulin pilot program.Ĭalled the Part D Senior Savings Model, the program will cover Medicare enrollees who belong to plans that have signed up with the federal government to participate, including so-called enhanced Part D prescription plans and enhanced MA plans that cover prescription drugs.īeneficiaries enrolled this year in basic Part D prescription drug plans will likely face higher premiums if they switch to an enhanced plan to get the new insulin benefit in 2021. To qualify, beneficiaries would need to be enrolled in a participating enhanced stand-alone or Medicare Advantage (MA) Part D drug plan. En español | Some Medicare recipients with diabetes could see their monthly copays for certain insulin prescriptions capped at $35 in 2021.
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