2024 "Donut Hole" Updates

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2024 "Donut Hole" Updates

By Daniel Petkevich

Aug 3, 2023

Upcoming Changes to Medicare Part D

Medicare Part D is a crucial component of Medicare, designed to help individuals cover their prescription drug expenses. In accordance with the Inflation Reduction Act of 2022, some exciting changes are coming to your Part D benefits in 2024.

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"Donut Hole" Updates

The Part D Deductible will increase to $545 max per year ($505 in 2023).
The Initial Coverage phase max limit will increase to $5,031 ($4,660 in 2023).
The Coverage Gap or "Donut Hole" max limit will increase to $8,000 ($7,400 in 2023).
The Catastrophic Coverage phase will have $0 out-of-pocket costs (5% in 2023).

Expanding LIS

Medicare is expanding eligibility for Part D Low-Income Subsidies also known as "Extra Help". The new income limit for full Extra Help will be raised to 150%

FPL

. Eliminating the partial Extra Help category for individuals with incomes below 150%

FPL

Premium Increase Limits

The new law will also cap Part D premium increases to no more than 6% annually. The national average Part D premium in 2023 was $32.74 a month. Six percent of that is just $1.96!

Overall, many of these changes are expected to reduce costs for consumers and improve access for Medicare Part D beneficiaries. For more information on how these updates will impact your coverage, please schedule consultation today at

fairsquaremedicare.com

or call us at 1-888-454-2383. Our experts are looking forward to talking to you!

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2024 "Donut Hole" Updates

Upcoming Changes to Medicare Part D

Stay Up to Date on Medicare!

Stay Up to Date on Medicare!

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