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2024 Medicare Part D Outlook

 The 2024 defined standard Medicare Part D prescription drug plan parameters will be released by the Centers for Medicare and Medicaid Services (CMS) in early 2023 and will be available on this page along with 2024 tool links, news articles and other 2024 plan year information.



Latest News on Medicare for 2024



2024 defined standard Medicare Part D prescription drug plan coverage parameters

Each year, the Centers for Medicare and Medicaid Services (CMS) releases the Part D benefit parameters for the "Defined Standard Benefit" plan and the Low-Income Subsidy benefits. Medicare Part D plans use these benefit parameters to determine drug plan coverage for the next plan year.

You can use these parameters as a possible preview of how your Medicare Part D plan coverage may change in January, 2024. Actual plan options and benefit details will be available for your review beginning October 1, 2023.

Preliminary information will be available at the end of February, 2023.





Chart comparing 2020 through 2024 defined standard Medicare Part D prescription drug plan parameters

Preliminary information will be available at the end of February, 2023.

Click here to see a comparison of plan parameters for all years since 2006





Medicare Part D standard benefit trends 2006 to 2024

Preliminary information will be available at the end of February, 2023.






Federal Poverty Level Guidelines: LIS Qualifications

The LIS qualifications using the 2023 Federal Poverty Level (FPL) guidelines are shown below. The 2023 FPL guidelines will be used for determining LIS qualifications at the beginning of the 2024 plan year.

Beginning in 2024, full-LIS will be increased to 150% of FPL and partial-LIS will be eliminated.

If your income is below 150% of the FPL ($21,870 if you are single or $29,580 for married couples), you could qualify for the full Low-Income Subsidy (resource limits also apply - see chart above). Remember, the LIS subsidy helps to pay both your monthly plan premiums and drug costs.

Learn more in our article, 2023 Federal Poverty Level Guidelines (FPL): 2023/2024 LIS Qualifications and Benefits.

2023 Full Low-Income Subsidy Income Requirements (135% of FPL)
Persons
in Family		48 Contiguous
States & D.C.		AlaskaHawaii
1$19,683$24,584$22,640
2$26,622$33,264$30,618
3$33,561$41,945$38,597
4$40,500$50,625$46,575
5$47,439$59,306$54,554
6$54,378$67,986$62,532


Click here for additional family member figures and for partial-LIS figures.   Learn more about the Extra-Help program.





Sign-up for our 2024 Reminder Service



2024 Medicare Part D Plan Reminder Service

If you would like for us to send you an email as the 2024 Medicare Part D plan information becomes available, as it is updated and when enrollment begins (October 15th), please complete the form below. We will NOT share your information with any third-parties.

Please provide the following Information
 (optional)
 (optional)
  
  

Medicare Advantage (Health) Plans with Prescription Drug Coverage
Prescription Drug Only Plans
Both Medicare Advantage Plans and Drug Only Plans
Yes, I would like to receive the free Medicare Part D Newsletter
    (Your personal information is never shared.)




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Tips & Disclaimers
  • Q1Medicare®, Q1Rx®, and Q1Group® are registered Service Marks of Q1Group LLC and may not be used in any advertising, publicity, or for commercial purposes without the express authorization of Q1Group.
  • The Medicare Advantage and Medicare Part D prescription drug plan data on our site comes directly from Medicare and is subject to change.
  • Medicare has neither reviewed nor endorsed the information on our site.
  • We provide our Q1Medicare.com site for educational purposes and strive to present unbiased and accurate information. However, Q1Medicare is not intended as a substitute for your lawyer, doctor, healthcare provider, financial advisor, or pharmacist. For more information on your Medicare coverage, please be sure to seek legal, medical, pharmaceutical, or financial advice from a licensed professional or telephone Medicare at 1-800-633-4227.
  • We are an independent education, research, and technology company. We are not affiliated with any Medicare plan, plan carrier, healthcare provider, or insurance company. We are not compensated for Medicare plan enrollments. We do not sell leads or share your personal information.
  • Benefits, formulary, pharmacy network, provider network, premium and/or co-payments/co-insurance may change on January 1 of each year. Our PDP-Compare.com and MA-Compare.com provide highlights of annual plan benefit changes.
  • The benefit information provided is a brief summary, not a complete description of benefits. For more information contact the plan.
  • Limitations, copayments, and restrictions may apply.
  • We make every effort to show all available Medicare Part D or Medicare Advantage plans in your service area. However, since our data is provided by Medicare, it is possible that this may not be a complete listing of plans available in your service area. For a complete listing please contact 1-800-MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov.
    Statement required by Medicare:
    "We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options."
  • When enrolling in a Medicare Advantage plan, you must continue to pay your Medicare Part B premium.
  • Medicare beneficiaries with higher incomes may be required to pay both a Medicare Part B and Medicare Part D Income Related Monthly Adjustment Amount (IRMAA). Read more on IRMAA.
  • Medicare Advantage plans that include prescription drug coverage (MAPDs) are considered Medicare Part D plans and members with higher incomes may be subject to the Medicare Part D Income Related Monthly Adjustment Amount (IRMAA), just as members in stand-alone Part D plans. In certain situations, you can appeal IRMAA.
  • You must be enrolled in both Medicare Part A and Part B to enroll in a Medicare Advantage plan. Members may enroll in a Medicare Advantage plan only during specific times of the year. Contact the Medicare plan for more information.
  • If you are enrolled in a Medicare plan with Part D prescription drug coverage, you may be eligible for financial Extra Help to assist with the payment of your prescription drug premiums and drug purchases. To see if you qualify for Extra Help, call: 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048, 24 hours a day/ 7 days a week or consult www.medicare.gov; the Social Security Office at 1-800-772-1213 between 7 a.m. and 7 p.m., Monday through Friday. TTY users should call, 1-800-325-0778; or your state Medicaid Office.
  • Medicare evaluates plans based on a 5-Star rating system. Star Ratings are calculated each year and may change from one year to the next.
  • A Medicare Advantage Private Fee-for-Service plan (PFFS) is not a Medicare supplement plan. Providers who do not contract with the plan are not required to see you except in an emergency.
  • Disclaimer for Institutional Special Needs Plan (SNP): This plan is available to anyone with Medicare who meets the Skilled Nursing Facility (SNF) level of care and resides in a nursing home.
  • Disclaimer for Dual Eligible (Medicare/Medicaid) Special Needs Plan (SNP): This plan is available to anyone who has both Medical Assistance from the State and Medicare. Premiums, co-pays, co-insurance, and deductibles may vary based on the level of Extra Help you receive. Please contact the plan for further details.
  • Disclaimer for Chronic Condition Special Needs Plan (SNP): This plan is available to anyone with Medicare who has been diagnosed with the plan specific Chronic Condition.
  • Medicare MSA Plans combine a high deductible Medicare Advantage Plan and a trust or custodial savings account (as defined and/or approved by the IRS). The plan deposits money from Medicare into the account. You can use this money to pay for your health care costs, but only Medicare-covered expenses count toward your deductible. The amount deposited is usually less than your deductible amount, so you generally have to pay out-of-pocket before your coverage begins.
  • Medicare MSA Plans do not cover prescription drugs. If you join a Medicare MSA Plan, you can also join any separate (stand-alone) Medicare Part D prescription drug plan
  • There are additional restrictions to join an MSA plan, and enrollment is generally for a full calendar year unless you meet certain exceptions. Those who disenroll during the calendar year will owe a portion of the account deposit back to the plan. Contact the plan provider for additional information.
  • Medicare beneficiaries may enroll through the CMS Medicare Online Enrollment Center located at www.medicare.gov.
  • Medicare beneficiaries can file a complaint with the Centers for Medicare & Medicaid Services by calling 1-800-MEDICARE 24 hours a day/7 days or using the medicare.gov site. Beneficiaries can appoint a representative by submitting CMS Form-1696.
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