New $35 Insulin Benefit Set to Cut Costs for Millions of Medicare Recipients

by Natalie Stefan

This year Medicare beneficiaries can switch plans and get a lower price on diabetes treatment.

Insulin is a medication required by many diabetic medicare recipients. With this new $35 insulin benefit, many will be able to get the insulin recommended by their doctor at a price they can afford for the first time.

In August of 2022, the law that created this new monthly copay cap was established; however, this was after the premiums and copays for 2023 were already decided on. There is no better time than now to reach out to one of our licensed insurance agents to help find a plan that may be right for you. With so many insulin products on the market, it can be overwhelming to know which plan covers the medications you need. In addition to insulin, many diabetic Medicare recipients take other prescription drugs. Consumers need to consider the cost of all their medications when picking a Medicare plan that suits their needs. It’s not only the insulin copay cap that needs to be factored in, but the monthly premium plan charges too.

Medicare beneficiaries who need insulin and were not able to get coverage before will now have until the end of 2023 to switch plans. In addition, Medicare enrollees who did not review their coverage now have the opportunity to compare Medicare Advantage and Part D (prescription drug) plans and see if they can save money.

Before this new insulin benefit, medicare recipients had to pay an exorbitant amount for their insulin medication. The prices ranged from a few hundred to a thousand dollars a month, making it an expensive product necessary to so many people.

Insurers will have until the end of March 2023 to ensure their Medicare beneficiaries are not paying more than the allotted $35 a month for insulin. If, however, you find that you are paying more than $35 a month for covered insulin, you have 30 days to be refunded from your insurer. For specific information on how to do this, beneficiaries should reach out to their plan provider to find out how to get reimbursed. 

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