WASHINGTON, Oct. 21, 2024 /PRNewswire-HISPANIC PR WIRE/ — The Alliance for Aging Research released an educational film — in English and Spanish — for Medicare beneficiaries with Part D plans about two new benefits coming in 2025, both aimed at making their prescription medications more affordable:

• A maximum limit of $2,000 on out-of-pocket costs ($2,000 in 2025)
• The option to use the new Medicare Prescription Payment Plan

The Medicare Prescription Payment Plan helps beneficiaries spread their out-of-pocket costs into monthly installments with no interest or fees. It doesn’t cost anything to sign up or use this option.

Beneficiaries can sign up with the Part D plans during Open Enrollment — happening now until December 7, 2024 — or at any time during the benefit year.

“Medicare’s new Prescription Payment Plan option will help countless older adults to better afford the treatments they need,” said Lindsay Clarke, Senior Vice President of Health Education and Advocacy at the Alliance for Aging Research. “We hope that our new resources help beneficiaries to better understand how the plan works, who is most likely to benefit, and what they need to do to enroll.”

The film and shorter PSA versions walk viewers through these new changes and answer frequently asked questions on who could benefit and how. They also contain several important reminders for beneficiaries, including:

• They must opt into the Prescription Payment Plan directly with their Part D plan at least 24 hours before picking up their first medication.
• They must sign up for the option each year. They will not be automatically re-enrolled.
• If they miss monthly payments, they may be removed from the plan. If they are removed, any remaining unpaid balance becomes due.
• Out-of-pocket costs will be paid in monthly installments over the course of the year. Since the last installment is due in December, opting into the plan earlier in the year allows for more months over which to spread out costs.
• After enrolling, beneficiaries pay $0 for their Part D drugs at the pharmacy counter. They instead receive a monthly bill that will spread out these costs for the remainder of the year.

To watch the full video, visit the Alliance for Aging Research’s website. A 30-second PSA, a 60-second PSA, and a social media toolkit are also available. The films are also available in Spanish – full film, 30-second, 60-second. They are all available at www.LowerOutOfPocketCosts.org.

For more resources or to schedule an interview with a representative from the Alliance for Aging Research, please contact John O’Connor at [email protected] or (202) 981-5042.

About the Alliance for Aging Research
Since 1986, the Alliance for Aging Research has served as a trusted source of health information for both consumers and health care professionals on diseases and conditions that disproportionately affect older adults and has led numerous successful advocacy campaigns promoting the health and independence of older adults. The Alliance is dedicated to changing the narrative to achieve healthy aging and equitable access to care. We strive for a culture that embraces healthy aging as a greater good and values science and investments to advance dignity, independence, and equity. Learn more about the Alliance at www.agingresearch.org.

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SOURCE Alliance for Aging Research