News | Radiology Business | August 01, 2023

New drug law enhances Part D prescription drug benefit and keeps Part D premiums stable for 2024 

New drug law enhances Part D prescription drug benefit and keeps Part D premiums stable for 2024

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

 

Related CMS Content:   

ASTRO Issues Statement on MPFS Proposed Rule  

National Cancer Plan Details Goals and Strategies of Cancer Moonshot Program, Highlights Role of Imaging in Screening and Detection   

US Government Issues Final Rules for Surprise Billing   

CMS Withdraws Guidance on Surprise Billing, Out-of-Network Payment Disputes    

ACR Joins "No Surprises Act" Lawsuit to Protect Patient Care    

Major Medical Associations Ask Federal Court for Summary Judgement in No Surprises Lawsuit    

Radiation Oncologists Applaud Biden-Harris Administration's Renewed Commitment to Cancer Moonshot      

Racial/Ethnic Disparities Persist in Lung Cancer Screening Eligibility      

Primary Lung Cancers Detected by LDCT are at Lower Risk of Brain Metastases      

Physician and Patient Groups Call On CMS to Update Medicare Lung Cancer Screening Coverage      

USPSTF Expands Lung Cancer Screening Eligibility Thresholds       

Low-dose CT for Lung Cancer Screening: Benefit Outweighs Potential Harm      

Physician and Patient Groups Call On CMS to Update Medicare Lung Cancer Screening Coverage 


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