Medicare Part D will offer a plan to cap beneficiaries' out-of-pocket costs for insulin at $35 per month, CMS announced March 11.
Under the program, called the Part D Senior Savings Model, enrollees will pay no more than $35 for a month's supply of insulin. The agency said the plan covers a "broad set of plan-formulary insulins."
The plan should save enrollees an average of $446 in annual out-of-pocket insulin costs, the agency said.
CMS said one in every three Medicare beneficiaries has diabetes and more than 3.3 million of them use one or more of the common forms of insulin.
CMS predicted the program will save the federal government more than $250 million over the next five years.
Read the full news release here.