Important Changes to Medicare Part D in 2024

With Medicare Annual Enrollment Period (AEP) being just 10 days away it is important to review some of the major changes coming to Medicare Part D plans for 2024. There are a couple of change that effects all Medicare recipients. The first is the cost reduction in the catastrophic phase of the Part D coverage. Once a Medicare recipient gets out of the “donut hole” there will pay a 0% co-payment for their prescriptions. Previously, this was 5%. The second is that the standard deductible for all Part D plans is increasing to $545. Keep in mind that some coverages will allow for generic medications to purchased without a deductible. The Inflation Reduction Act placed a cap on all insulin prices at $35 per month. This means that any Medicare recipient can get their insulin for a max cost of $35 per month. This is a huge cost saving measure for people with diabetes.