This program is offered through certain Medicare Advantage Prescription Drug Plans and also through stand-alone Medicare Part D Prescription Drug Plans. It is designed to cap the price of many insulins at just $35 a month for a 30-day supply for every month of 2022.
The purpose is to encourage members to stay on their medicine all year by offering a much lower, more consistent cost. Basically, it means the price of the insulin will not be affected by the deductible stage, the initial coverage stage or the coverage gap, also known as the “donut hole.”
Medicare estimates that the Insulin Senior Savings Program will save members close to $500 a year. The surprising thing is that this benefit is an included part of quite a few Medicare Advantage Plans offered in Hawai‘i this year, even some with $0 monthly premiums.
For more information, beneficiaries should reach out to a Medicare specialist.