6 Medicare Changes Coming in 2024! What’s New?

1. There is a chance that the D premiums will drop

Part D of Medicare is a sort of supplementary Medicare plan that pays for prescription drugs. All U.S. residents who are enrolled in Original Medicare, a Medicare Supplement plan (Medigap), or a private Medicare Advantage plan that does not include a medication prescription benefit are qualified to enroll in a Part D plan.

Medicare Part D plans are handled by private insurance companies that have been approved by Medicare. Annual deductibles, monthly premiums, and prescription expenses differ per policy.

Now, let’s get to the Medicare changes to Part D. According to the Centers for Medicare and Medicaid Services, or CMS, the median monthly cost for a Medicare Part D prescription medication plan in 2024 is expected to be $55.50, compared to $56.49 in 2023. The 99-cent decline is due to policy measures made by President Joe Biden’s Inflation Reduction Act, which was enacted into law in 2022.

Similarly with Part B, around 8% of those with Medicare Part D insurance have to pay an IRMAA that varies from $12.90 to $81 based on the beneficiary’s earnings from two years ago.