Medicare plans must update materials to comply with latest law

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Medicare prescription drug plan sponsors have to make their enrollee materials compliant with the recently passed Inflation Reduction Act before the subsequent sign-up period, in response to a notice the Centers for Medicare and Medicaid Services issued Tuesday. 

The Inflation Reduction Act, which President Joe Biden enacted last month, includes provisions designed to scale back prescription drug costs for Medicare beneficiaries, equivalent to limiting cost-sharing for insulin to $35 and eliminating out-of-pocket spending for vaccines under Part D next yr.

Medical health insurance corporations must revise Medicare Advantage and Part D materials to reflect the brand new law prior to the upcoming open enrollment period, which begins Oct. 15 and ends Dec. 7. Insurers must notify enrollees in regards to the insulin and vaccine policies by Sept. 30 and distribute revised profit summaries and update their web sites by Oct. 15, CMS directs within the memorandum.

CMS also advises insurance firms to review all beneficiary communications—not only those highlighted within the memo—to make sure they comply with the brand new law.

If hard copies of materials can’t be updated before they’re sent to enrollees, insurers should send correction notices by Nov. 15, the memo says. Insurers can mix updates right into a consolidated mailing. Plans don’t have to resubmit documents already provided to CMS and the agency won’t take compliance motion to implement the changes outlined within the memo, the agency wrote. 

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