2024 Medicare Part D Changes

The key changes to Medicare Part D plans for 2024 are part of ongoing efforts to make prescription drug coverage more affordable and accessible. Here are the main updates:

1. Elimination of Cost Sharing for Vaccines

  • Starting in 2024, Medicare Part D will continue to offer vaccines, including the shingles vaccine, at no cost to beneficiaries. This change began in 2023 but will remain in effect, ensuring that all recommended vaccines are available with no copay or deductible.

2. Cap on Insulin Costs

  • The cost of insulin for Medicare beneficiaries will be capped at $35 per month. This applies regardless of whether you've met your deductible, ensuring that insulin remains affordable throughout the year. This change builds on previous caps and enhances affordability for those using insulin.

3. Catastrophic Coverage Redesign

  • Catastrophic coverage phase changes significantly in 2024. Beneficiaries will no longer be responsible for 5% coinsurance after reaching the catastrophic coverage threshold. This means after reaching the limit, beneficiaries will not pay any out-of-pocket costs for medications.

4. Changes to the Deductible and Initial Coverage Limit

  • The annual deductible for Part D plans may rise slightly depending on the plan, though the maximum allowable deductible is expected to increase to $545 in 2024 (up from $505 in 2023).

  • The initial coverage limit is also set to increase. In 2024, beneficiaries will enter the coverage gap (also known as the "donut hole") after their total drug costs exceed $5,030 (up from $4,660 in 2023).

5. Income-Related Monthly Adjustment Amount (IRMAA) Updates

  • High-income beneficiaries will continue to pay more for Medicare Part D premiums under the IRMAA. The income brackets may be adjusted for inflation in 2024, potentially affecting which beneficiaries are subject to IRMAA surcharges.

6. $2,000 Cap on Out-of-Pocket Drug Costs (Coming in 2025)

  • While this change takes effect in 2025, it's worth noting that there will be an annual cap of $2,000 on out-of-pocket prescription drug costs for Part D benefici

Find The Right Medicare Part D Plan For You

Talk with our pharmacist and find out what plans will save you money.

We will do a analysis of your current prescription drugs and we can discuss what plans may or may not be right for you. *Note we cannot change the plan for you. You will have to do this yourself or talk with a broker and we can provide you names and numbers.

Click below to schedule a FREE 30 minute 2025 Medicare Part D analysis.