The $231 is the price CMS negotiated, not a copay. Your plan sets your deductible, copay or coinsurance for Eliquis, and the plan must cover it: CMS says Part D plans, including Medicare Advantage plans with drug coverage, must include the selected drugs in their formularies. CMS also says it will publish an updated negotiated price each later year, raised by the change in the Consumer Price Index; we have not confirmed a 2027 figure, so the table shows the 2026 price.
| Item | Figure | Year |
|---|---|---|
| Medicare negotiated price, 30-day supply | $231 | Effective 2026 |
| List price, 30-day supply (CMS, CY 2022 basis) | $521 | 2026 fact sheet |
| Difference from list price | 56% | Effective 2026 |
| Part D out-of-pocket cap | $2,400 | 2027 |
| Maximum Part D deductible | $700 | 2027 |
What the $231 means
CMS lists Eliquis (apixaban, made by Bristol Myers Squibb) among the first ten drugs with a negotiated price. The price is for a 30-day supply and began January 1, 2026. It is the price the drug company must make available to eligible people and to the pharmacies that dispense it, so it is not your copay. Your own cost is whatever your plan charges on top of the deductible stage, which is why two people on Eliquis can pay different amounts at the counter.
How the 2027 cap limits your total
In 2027 the Part D out-of-pocket cap is $2,400 and the most a plan can set as a deductible is $700. Once what you pay for covered drugs reaches the cap, you pay nothing more for covered drugs for the rest of the calendar year. For a drug taken every month, that makes the cap the number to plan around, not the monthly price.
What to check before you enroll
Look up Eliquis in each plan’s 2027 drug list and note the tier, any prior authorization, and the plan’s cost-sharing in each coverage stage. Check that your pharmacy is in the plan’s network. Then compare the plan’s yearly total for your whole medication list, not only this one drug. A licensed broker can run that comparison for you.
Read the full guide: Part B or Part D: which one pays for your drug
Related questions
Is $231 what I will pay each month?
Not necessarily. $231 is the negotiated price for a 30-day supply. What you pay depends on your plan’s deductible, copay or coinsurance, up to the $2,400 yearly cap.
Does every Part D plan cover Eliquis?
CMS says Part D plans, including Medicare Advantage plans with drug coverage, must include the selected drugs in their formularies. Tier and rules such as prior authorization still differ by plan, so check each plan’s list.
Will the price change in 2027?
CMS says it will publish an updated negotiated price for each later year, equal to the prior year’s price raised by the change in the Consumer Price Index for all urban consumers. We have not confirmed a published 2027 figure.
Sources
- Medicare Drug Price Negotiation Program: Negotiated Prices for Initial Price Applicability Year 2026 (fact sheet, August 2024) — Centers for Medicare & Medicaid Services · 2024-08 · read 2026-11-13
- Costs for Medicare drug coverage — Medicare.gov (CMS) · read 2026-10-13
- Announcement of Calendar Year (CY) 2027 Medicare Advantage Capitation Rates and Part C and Part D Payment Policies — Centers for Medicare & Medicaid Services · read 2026-10-13
- Medicare Part D 2027 National Average Monthly Bid Amount Information — Centers for Medicare & Medicaid Services · 2026-07-28 · read 2026-10-12
This page explains published rules and figures, with the source for each one. It is not advice about your own situation.