Over 1,750 Medicare Part D prescription drug plans and Medicare Advantage plans with prescription drug coverage have applied to offer lower insulin costs through the Part D Senior Savings Model for the 2021 plan year, the Centers for Medicare & Medicaid Services said yesterday.
Announced in March, the five-year model will require participating plans to limit cost sharing for a 30-day supply of insulin to no more than $35. CMS estimates beneficiaries in the plans could save an average $446 (66%) in out-of-pocket costs for insulin, funded in part by manufacturer discounts. Part D sponsors that applied must submit their calendar year 2021 plan benefits to CMS by June 1. CMS expects to release CY 2021 premiums and costs for specific Medicare plans in September, including final information on the model.