The typical month-to-month premium for Medicare Part D prescription drug protection is predicted to fall barely in 2024, to $55.50, a 99-cent drop from the 2023 common of $56.49, the Facilities for Medicare & Medicaid Companies (CMS) introduced on July 31.
The precise quantity beneficiaries pays in 2024 will fluctuate relying on which prescription drugs they take, what plan they choose and the place they stay. Along with premiums, deductibles and copays additionally fluctuate by plan. CMS says greater than 51 million Medicare beneficiaries presently have prescription drug protection.
The projected 1.8 p.c lower within the common month-to-month premium will come as extra facets of the brand new prescription drug regulation are set to take impact subsequent yr.
Starting in 2024, as soon as a Medicare beneficiary with both a Half D prescription drug plan or medicine protection by way of their Medicare Advantage (MA) plan enters what Medicare calls “catastrophic” protection, they received’t must pay something for his or her pharmaceuticals for the remainder of the yr. In 2024, the spending threshold for coming into catastrophic protection might be $8,000. Additionally starting subsequent yr, Half D month-to-month premiums can not enhance by greater than 6 p.c. The brand new regulation caps out-of-pocket prescription drug prices for plan members at $2,000 starting in 2025.
Medicare beneficiaries can have a chance to assessment and alter their prescription drug protection for 2024 throughout this system’s annual open enrollment interval that runs from Oct. 15 to Dec. 7, 2023. CMS is predicted to announce this fall the premiums and deductibles for Medicare Part A (hospital, hospice and a few residence well being protection), Part B (physician visits, diagnostic exams and different outpatient companies) and last Half D monetary data. CMS may even launch common 2024 premium and cost-sharing data for Medicare Benefit plans in September.