By now, many of you have probably heard about the Part D Senior Savings Model being implemented by CMS for 2021. But are you confident that you can answer beneficiary questions about it? Even more, are you using it to market your services? Here are some details you can use to become the local authority on this major initiative.
Important Details About Senior Savings Model
Sponsors of Part D plans and MAPD plans across the country were given the opportunity to participate in the Part D Senior Savings Model for 2021. Over 1,600 plans are participating, making options available to beneficiaries in all 50 states, Washington, D.C. and Puerto Rico.
The Part D Senior Savings Model allows participating plans to offer a broad range of insulin products to diabetic members at a maximum copay of $35 for a 1-month supply. This copay is applicable during the deductible, initial coverage, and coverage gap phases of the Part D or MAPD plan. Insulin users who select a participating plan for 2021 are expected to save an average of $446 on their out-of-pocket insulin costs over 2020 spending.
The Opportunity For Brokers
One in three Medicare beneficiaries are diabetic. This should be valuable information for over 30% of your clients and prospects. Make sure they receive this information. And make sure they receive it from you!
How to Find Participating Plans
- Medicare Plan Finder via Medicare.gov – Once 2021 plan data is loaded, CMS will add a filter option titled “Insulin Savings” to be used to display participating plans.
- Download This Spreadsheet – Click Here and search by state, county, plan name, or plan type.
Click here for a list of covered drugs.
Click here for common questions and answers about the Part D Senior Savings Model.
How to Market
If you have questions on how to use this in a marketing campaign, please contact us.