The Part D Savings Model started to offer discounted insulin in 2021. Not all Medicare Part D plans participated in the program but those that did could offer certain kinds of insulin at a rate of $35 per month. Not all insulin products were included in this program, however, and people that got their insulin through an infusion pump – which is covered by Part B rather than Part D – could not benefit from the program.
The Inflation Reduction Act put a monthly cap on the amount Medicare enrollees pay for all types of insulin. Starting on January 1, 2023, Medicare beneficiaries will pay no more than $35 per month for their insulin. All types of insulin are included across all Part D plans. Insulin covered by Part B (ie, for us in an insulin pump) is also included, although not until July 2023.
Keep in mind that some people require more than one kind of insulin to manage their diabetes – and  the cap applies to each insulin product you take. (If you take two products, each one will be capped at $35 per month for a total of $70 per month.)
One important point to note: The Medicare Plan Finder tool on Medicare.gov will not reflect the $35 caps for all insulin products in the fall of 2022, since Part D insurers had already submitted their plan details before the Inflation Reduction Act was enacted. So CMS has clarified that people who use insulin will have one opportunity to pick a different plan for 2023, if necessary. This opportunity will run from December 8, 2022 through the end of 2023, and beneficiaries will need to call 1-800-MEDICARE to have a customer service representative process the plan change.
CMS has a list of frequently asked questions about the $35 insulin cost-sharing cap, details on how enrollees can get reimbursement if their covered insulin is more than $35 in the first few months of 2023, and information about the special enrollment period for people who use insulin.