The Inflation Reduction Act is a federal law that aims to reduce out-of-pocket drug costs.
The Inflation Reduction Act reduces the cost of insulin and vaccines. These benefits apply regardless of your plan's drug tier and deductible.
With the law, people with Medicare pay no more than $35 for a month’s supply of insulin. This applies to Medicare Part B and Part D insulins.
With the law, people with Medicare will pay nothing out-of-pocket for adult vaccines recommended by the Advisory Committee on Immunization Practices (ACIP). Some examples of vaccines covered include RSV, shingles, and tetanus / diphtheria / pertussis.
Other changes include lower cost-share for some drugs and expanded access to premium help.
No copay for your covered drugs in the Catastrophic Phase
Medicare has a limit to what you have to pay out-of-pocket for your covered Part D drugs each year. Once you reach that limit, you enter the Medicare Catastrophic Phase. That means you'll pay nothing for your covered Part D drugs for the rest of the calendar year.
Check your eligibility for the “Extra Help” or low-income subsidy (LIS) program
People with Medicare who earn less than 150% of the federal poverty level are now eligible for the low-income subsidy (LIS), or “Extra Help” program. Everyone who qualifies for Extra Help will pay $0 in premiums, $0 in deductibles, and a lower cost for generic and brand-name drugs.
Pay less for eligible Part B drugs
Drug companies that raise the prices of certain drugs faster than the rate of inflation are now required to pay Medicare a rebate. Those savings lower your cost-share for some Part B drugs. To learn more and find out if your drug is included, ask your pharmacist. These drugs may change each quarter. This change doesn’t apply to Part D drug coverage.
Medicare Part D enrollees will have a $2,100 out-of-pocket maximum for annual prescription drug costs.
Blue Cross and Blue Shield of North Carolina (Blue Cross NC) is working to make health care more affordable, easier to navigate, and accessible for all. That work includes ensuring Medicare enrollees have access to affordable prescriptions when they need them.
Medicare Part D enrollees will have the option to pay their out-of-pocket prescription drug costs in monthly payments, spread over the year, rather than all at once.
Blue Cross NC Medicare Advantage plan members can opt in to the Medicare Prescription Payment Plan if they prefer to pay in monthly installments.
There are three ways to enroll:
- Online: Log in to Blue Connect℠
- By phone: Call the number on the back of your member ID card.
- By mail: Complete and mail the Medicare Prescription Payment Plan enrollment form (PDF) and return it to Blue Cross NC, Mailstop: 1001, MPPP Election Dept., 13900 N. Harvey Avenue, Edmond, OK 73013
Blue Cross NC is working to make health care more affordable, easier to navigate, and accessible for all. That work includes ensuring Medicare enrollees have access to affordable prescriptions when they need them.
Blue Cross and Blue Shield of North Carolina does not discriminate on the basis of race, color, national origin, sex, age or disability in its health programs and activities. Learn more about our non-discrimination policy and no-cost services available to you.
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