Key Changes to Medicare Part D in 2024: There are a number key changes to Medicare Part D in 2024, according to Jae Oh, author of Maximize Your Medicare. Those include:
Out-of-Pocket Spending Cap
- Medicare Part D enrollees will have their out-of-pocket drug costs capped at $2,000 starting in 2024, compared to $7,400 in 2023.
- This cap will rise each year after 2024 as it is indexed to inflation.
Elimination of 5% Coinsurance
- The 5% coinsurance that Part D enrollees currently pay in the catastrophic coverage phase will be eliminated in 2024.
- Instead, Part D plans will pay 20% of total drug costs in this phase rather than 15%.
Limits on Premium Increases
- Average monthly premiums for Part D plans are projected to decrease from $56.49 in 2023 to $55.50 in 2024, a drop of about 2%.
- From 2024-2030, Part D premium increases will be limited to 6% per year.
- The $35 monthly copay cap for insulin will continue in 2024, benefiting diabetes patients.
In summary, the key changes are the introduction of an out-of-pocket spending cap, elimination of the 5% coinsurance in catastrophic coverage, limits on premium increases, and continued insulin copay caps. These changes will provide significant savings for many Medicare Part D enrollees starting in 2024. Watch more videos about Medicare on finStream TV at this link: https://www.finstream.tv/videos/medicare/