Prescription Drug Coverage

CMS projects the calendar year 2024 average total monthly premium for Medicare Part D prescription drug coverage to be $55.40; a decrease of 1.8 percent from 2023. The average total Part D premium is the sum of the average basic premium and the average supplemental premium for plans with enhanced coverage. CMS reports that the projected decrease in the average total Part D premium is due to a limit in the growth of the base beneficiary premium to an annual six percent increase and other changes to the Part D benefit in 2024 as specified by the Inflation Reduction Act. Additionally, in 2024 CMS’ Part D pharmacy price concessions policy is expected to reduce beneficiary out-of-pocket costs by requiring Part D plans to apply all price...

Today, the Department of Health and Human Services, through CMS, announced 43 prescription drugs covered under Medicare Part B that may have lower beneficiary coinsurances. From July 1, 2023, through September 30, 2023, some people with Medicare who take these drugs may save between $1 and $449 per average dose, depending on the beneficiary’s coverage. Under the Inflation Reduction Act, signed into law in August 2022, drug companies that raise their drug prices faster than the rate of inflation are required to pay a rebate to Medicare. Starting July 1, 2023, Medicare beneficiaries may pay a lower coinsurance for certain Part B drugs if the drug’s price increased faster than the rate of inflation in a benchmark quarter.