Major change to Medicare Part D in 2024?
Toni:
This year, I got into the Medicare “Donut Hole” in July and got out of it in September. I am not sure what I will pay when I leave the Donut Hole. I can see from the Part D monthly statement that my prescription drug costs are exploding.
I’ve tried to research the 2024 Medicare Part D cost online, but it just confuses me. Please give me ideas to help control the Donut Hole cost or not get in it as fast. Thanks!
--Miriam from Tulsa, Okla.
Miriam:
Your prescription drug problem is a typical Donut Hole problem. Because the cost of brand name prescriptions is exploding, more on Medicare get into the Donut Hole quicker. In 2024, Medicare has raised the Donut Hole to $5,030 which can help someone not get into it as fast, but who knows what prescriptions will cost in 2024?
Miriam, when you left the Donut Hole in September, you entered what is called Catastrophic Coverage. For 2023 the cost to you is 5% of either brand name or generic drugs, which you will pay for the remainder of this year. For 2024, page 83 of the new Medicare & You handbook explains a major change to Medicare Part D Catastrophic Coverage which will help control the costs of prescriptions for those who enter Part D’s final stage: “Starting January 1, 2024, once your out-of-pocket spending reaches $8,000 … you won’t have to pay a copayment or coinsurance for covered Part D drugs for the rest of the calendar year.”
2024 Medicare Part D costs summary:
-- Initial Deductible is $545.
-- Initial Coverage Limit is $5,030 when the “Donut Hole” begins.
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Copyright 2023 Toni King, Distributed by Counterpoint Media
