New for 2025: The Medicare Prescription Payment Plan (M3P)
Attention Valued Partner,
We are pleased to announce an exciting new enhancement for 2025! The Medicare Prescription Payment Plan (M3P) is a payment option that helps manage out-of-pocket Part D costs. Members can opt into the program, which allows prescription costs to be spread across monthly payments that are billed directly to the member. When a member fills a prescription for a drug covered by a Part D plan, they won’t pay anything at the pharmacy. Instead, the member will receive a bill each month from the plan.
Note: Anyone on an MA plan with drug coverage with cost sharing or a PDP is eligible to use this payment option.
Sign Up Information
Members will be able to sign up for the program beginning October 15, 2024, over the phone, online, or with a paper form.
- New 2025 members will receive information with their 2025 enrollment materials.
- Existing members will receive information in their Annual Notice of Change.
- Select members with high out-of-pocket cost prescriptions will receive a standalone “Likely To Benefit” letter in Q4.
M3P FAQ and Additional Information
For more information on The Medicare Prescription Payment Plan for 2025, please refer for the M3P FAQ. More information and broker resources will be available closer to AEP. For any additional questions, please reach out to your Regional Agency Manager.
As always, thank you for your continued partnership!
