The chart below shows average total and supplemental Part D premiums are projected to decrease in 2024. Source: CMS Part D bid and enrollment data, 2020-2024
August 1, 2023 — The Centers for Medicare & Medicaid Services (CMS) announced that the average total monthly premium for Medicare Part D coverage is projected to be approximately $55.50 in 2024. This expected amount is a decrease of 1.8% from $56.49 in 2023. Stable premiums for Medicare prescription drug coverage in 2024 are supported by improvements to the Part D program in the Inflation Reduction Act that allow people with Medicare to benefit from reduced costs.
CMS is releasing the projected average total monthly Part D premium—calculated based on plan bids submitted to CMS—to help individuals understand overall Part D premium trends before Medicare Open Enrollment when they can select from plan options for the upcoming benefit year.
The Medicare Part D program helps people with Medicare pay for both brand-name and generic prescription drugs. Part D remains one of Medicare’s most popular programs, with more than 51 million Medicare beneficiaries enrolled for prescription drug coverage. CMS continues to analyze changes to the Part D program carefully and engages with stakeholders to identify opportunities for improvements, particularly for reducing costs.
CMS is also releasing additional information—such as the Part D national average monthly bid amount—to help Part D plan sponsors finalize their premiums and prepare for Medicare Open Enrollment. Medicare Open Enrollment for coverage beginning January 1, 2024, will run from October 15 to December 7, 2023. CMS anticipates releasing the 2024 premium and cost-sharing information for 2024 Medicare Advantage and Part D plans in September 2023.
For more information on the Part D national average monthly bid amount, the Part D regional low-income premium subsidy amounts, the de minimis amount, the Medicare Advantage employer group waiver plan regional payment rates, and the Medicare Advantage regional preferred provider organization benchmarks, visit: https://www.cms.gov/medicare/health-plans/medicareadvtgspecratestats/ratebooks-and-supporting-data/655541402/2024
In addition, more details are available in the accompanying Fact Sheet.
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