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2024 "Donut Hole" Updates

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

Stay Up to Date on Medicare!

Join the Fair Square Medicare Newsletter to stay informed on cost savings, changes to Medicare, and other valuable healthcare information.

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