Major Changes Coming to Medicare in 2024

The federal government is implementing new policies under the Inflation Reduction Act to improve Medicare benefits for beneficiaries. These changes will help reduce drug costs and provide financial assistance for medications.

Cap on Drug Copays and Premiums

Starting in 2024, Medicare Part D beneficiaries will no longer have to pay additional copays for the year once their drug costs reach the catastrophic phase. This limit is set at $8,000 for 2024. This will provide significant relief for beneficiaries who require expensive medications.

Limit on Premium Increases

Under the new legislation, Medicare Part D plans are prohibited from raising base premiums by more than 6% per year from 2024 through 2029. This measure aims to control the rising costs of prescription drug coverage and ensure that beneficiaries can afford their medications.

Expanded Financial Assistance

Starting in 2024, Medicare members will have the option to pay their drug copays in monthly installments. This will help them avoid large one-time charges and make their prescription costs more manageable. The Centers for Medicare & Medicaid Services (CMS) will be expanding access to this financial assistance program.

Stay Informed

For a comprehensive breakdown of the changes coming to Medicare from 2025 through 2029, you can visit this link.