Medicare cost reduction law affect you?
How does the new Medicare cost reduction law affect you? On August 12, a new law to reduce the cost of Medicare prescription drugs, the well-known Part D, was approved, which will come into force in 2025.
According to the text, the copay for insulin for Medicare beneficiaries will be limited to $35 per month and the vaccines will be free, with no out-of-pocket costs.
Another important part of the new rule is that it caps the cost of prescription drugs at $2,000 a year. Kaiser Family Foundation estimates that it would affect about 1.4 million beneficiaries.
Remember that if you are close to turning 65, you have a period of seven months to sign up for Original Medicare in what is called the initial enrollment period. This extends from three months before the birthday, the birthday month, and up to three months after it.
Remember, you can only join Medicare Advantage plans and a Medicare Supplement plan if you’ve already signed up for Original Medicare.
If you are close to turning 65, call Univista Insurance for clarification on any questions you may have about Medicare, how to sign up, the different plans available to you, and benefits. How does the new Medicare cost reduction law affect you?