The Psychiatric Society of Virginia is proud to support Project LOOP (Lower Out-of-Pocket Costs Now), a campaign to help Medicare beneficiaries manage their prescription medication costs. Beginning in 2025, the Medicare Prescription Payment Plan will allow beneficiaries to divide annual out-of-pocket expenses into affordable monthly payments, capped at $2,000, with no added fees or interest.
This program is especially critical for psychiatric patients who depend on long-term medications to manage mental health conditions. By reducing large, upfront pharmacy costs, the plan helps patients stay on track with treatments, alleviating financial stress and improving adherence. For those managing conditions like depression, bipolar disorder, or schizophrenia, these changes can significantly impact stability and outcomes.
Enrollment for the program begins during Medicare Open Enrollment (October 15–December 7, 2024), with benefits starting in January 2025. The Alliance for Aging Research offers resources—including an animated explainer, public service announcements, and a social media toolkit—to help spread the word.
Psychiatric physicians can help by discussing this program with patients, sharing resources in their practices, and training staff to guide patients through the enrollment process. Directing patients to LowerOutOfPocketCosts.org is another simple yet effective way to ensure they’re informed.
By empowering patients with this knowledge, we can help remove financial barriers to critical mental health treatments. Visit LowerOutOfPocketCosts.org for more information and resources to share. Together, we can make a difference in medication affordability and adherence for Virginians.
