Medicare Part D Payment Plan Available Due to New Prescription Drug Law
Medicare Part D no longer has a “donut hole” or coverage gap for out-of-pocket drug costs as of Jan. 1, 2025. The new prescription drug law caps out-of-pocket cost at $2000.00. All insurance plans that offer drug coverage now offer the new Medicare Prescription Payment Plan (M3P) – this voluntary plan spreads the $2000.00 cost over 12 months. Participation in the plan is free – you must sign up for it by contacting your Part D insurer. Patients can enroll or un-enroll in M3P at any time. Contact Linda Arvidson at the Eastern Shore Area Agency on Aging/ Community Action Agency with questions at 757-442-9652 ext. 35 or [email protected]. For more information, watch this video.