2024 Medicare Part D PDP Outlook: Fewer 2024 Medicare Part D PDP options and most people in 2023 plans may pay higher 2024 Part D premiums
An initial review
of the stand-alone 2024
Medicare Part D prescription drug plans (PDPs
by the Centers for
Medicare and Medicaid Services (CMS), shows that Medicare beneficiaries will
have fewer 2024 stand-alone Medicare Part D options and most current plan members will pay
2024 monthly PDP premiums
(unless they enroll in a lower-premium 2024 Medicare Part D or Medicare
Here are highlights of the 2024 stand-alone Medicare Part D PDP landscape from our PDP-Facts.com
(1) There will be
11.5% fewer 2024 stand-alone Medicare Part D plan options.
The total number of
stand-alone 2024 Medicare Part D prescription drug plans across the country will decrease 11.5%
to 709 plans from 801 PDPs currently offered in 2023 -- a loss of 92 plans. The average number of stand-alone 2024 Part D plans offered in
each state is decreasing to 21
down from 24 plans per state in 2023.
offer the most stand-alone 2024 Medicare Part D plan choices (24
same number as offered in 2023.
will offer the smallest number of 2024 PDPs at 15 Medicare Part D plans.
will see the largest PDP decrease – losing seven (7) PDP options in 2024.
(2) The average 2024 stand-alone
Medicare Part D premium will increase 21%.
late-July, CMS forecasted
decrease in the average Medicare Part D premium. CMS based their calculation on both
stand-alone Medicare Part D PDPs and Medicare Advantage plans with drug
s). Our preliminary analysis
only the stand-alone 2024 Medicare Part D PDPs indicates a 21% premium increase
across all PDPs, based on current plan enrollment.
(3) As many as 73%
of current 2023 Medicare Part D plan members (not considering LIS eligibility) may
have increases in 2024 monthly premiums.
When the 2024 Part D PDP premiums are weighted by
current 2023 Part D plan enrollment, we estimate that up to 73% of all Medicare Part D beneficiaries
currently enrolled in a stand-alone 2023 Medicare Part D plan will see an average
increase of $14.34 in their 2024 monthly premium -- unless they change coverage
to a more affordable 2024 Medicare Part D or Medicare Advantage plan that
includes prescription drug coverage (MAPD
You can read more about changes to the Medicare Part D PDP premiums
Important Extra Help reminder
: If you are eligible
for the Medicare Part D Low-Income Subsidy (LIS
) and chose your own Part D plan
in the past, you will receive a tan-colored notice
in early-November, informing you about your upcoming premium increase.
(4) Expect slightly fewer low-premium 2024 Medicare Part D
of the 2024 PDP landscape
also found a decrease in the number of PDPs with a premium under $25.
Just over 21% of all stand-alone Medicare Part D plans will have a
under $25 per month as compared to 23% of the 2023 PDPs with a premium
under $25. For example, Medicare beneficiaries in Texas
will find five (5) fewer 2024 Medicare Part D plans with premiums under $25 as
compared to 2023
a positive note, as we highlight in the next section, a Medicare Part D PDP with a premium of $0.50 or less is available in most states.
In addition, Medicare beneficiaries in Illinois
will find that 23% of all 2024 Medicare Part D plans have premiums under $25. The chart below shows the total number of stand-alone Medicare Part D plans as compared to the number of PDPs across the country with a premium under $25.
(5) Lows and Highs: The lowest premium and highest premium stand-alone
2024 Medicare Part D plans.
In most states
the lowest 2024 Part D premium will be the Wellcare Value Script (PDP) with a
premium of $0.00
. The lowest PDP premium in 2023 was the SilverScript SmartSaver (PDP) in Oregon
with a premium of $1.60 ($3.30 per month in 2024).
The 2024 Medicare Part D plan with the lowest monthly premium - and a $0 initial deductible
is the Missouri Blue MedicareRx Plus (PDP)
plan, with a premium of $68.90.
The Wellcare Medicare Rx Value Plus (PDP)
is the lowest priced $0 deductible plan in most other states with a premium of about $79.
(6) Fewer 2024 Medicare Part D plans qualify for the LIS $0 premium.
The 2024 Medicare Part D
plan with the most expensive premium is the Blue Rx Complete (PDP) in Pennsylvania
$195.10 per month.
There will be fewer 2024 Medicare Part D plans qualifying for the state’s Low-Income
(LIS) $0 benchmark
across the country.
The states offering the smallest selection of $0 premium LIS plans are Florida
, New Jersey
, New York
, and Texas
– each with only two (2) $0 premium LIS plans
in 2024. Wisconsin
will offer the largest number of $0 premium LIS plans
You can click
read more about $0 premium LIS plan availability and see a chart of how the
average number of $0 LIS-qualifying Medicare Part D plans has changed since
(7) 85% of stand-alone 2024 Medicare Part D
plans have an initial deductible.
(8) 29% of 2024 Medicare Part D plans will offer supplemental Donut Hole
As was true in 2023, most 2024 Medicare Part D plans will have an initial
deductible ranging from $100 to the 2024
standard initial deductible
In fact, about 85% of all 2024
stand-alone Medicare Part D PDPs
will have some initial deductible - with the vast majority of these plans having a $545 initial deductible.
As an example, of the 21
available in Florida
stand-alone Medicare Part D plans will have a $0 initial deductible.
However, over 50% of 2024 Medicare Part D PDPs
that include a deductible will exclude one or more low-costing drug tiers from the initial
Donut Hole discount
75% for all formulary medications -- you pay 25% of retail for both brand-name
and generic formulary medications purchased while in the Coverage Gap.
Even better, about 29% of all stand-alone 2024 Part D plans offer some level of additional
the Donut Hole discount. For brand-name
drug purchases in the Donut Hole, the 70% brand-name drug manufacturer’s Donut
Hole discount is applied to this supplemental gap coverage.
(9) All 2024 Medicare Part D plans
will offer insulin at a $35 (or less) copay.
Based on the Inflation Reduction Act
, all 2024 stand-alone Medicare Part D prescription drug
plans and Medicare Advantage plans with drug coverage (MAPDs
) will offer all insulin found on the
plan’s formulary for a copay of $35 (or less) through all phases of Part D
New in 2024
, cost-sharing in the Catastrophic
Coverage phase will be eliminated for all Medicare beneficiaries.
(10) All 2024 Medicare Part D plans
will offer Part D vaccines at a $0 copay.
Also based on the Inflation Reduction Act
, all 2024 stand-alone Medicare Part D prescription drug
plans and Medicare Advantage plans with drug coverage (MAPDs) will offer $0
cost-sharing for vaccines that are recommended by the Advisory Committee on
Immunization Practices (ACIP
), such as Shingles and Pneumonia vaccines.
(11) Remember, all Medicare plans change each year.
You can review changes in Medicare plan features from 2023 to 2024 using our
Learn More: How 2024 Medicare Part D drug coverage is changing and will help save on prescription costs
- Your formulary (drug list) will change year-to-year, see
FormularyBrowser.com/2024 (updated as data is available)
- The 2024 standard deductible is increasing to $545, see
- The 2024 initial coverage limit (Donut Hole entry) is increasing to $5,030
- The 2024 Total Out-of-Pocket (TrOOP) threshold is increasing to $8,000
- Beneficiary cost-sharing in the Catastrophic Coverage phase is eliminated.
Need an overview of stand-alone
Medicare Part D plans in your area?
If you would like to see an overview of your state’s Medicare
Part D plan landscape, please use the following links to our interactive 2024
information is from our Medicare Part D
plan landscape summaries
and based on
stand-alone Medicare Part D prescription drug plans – and does not
include the U.S. territories.
Question: Can we skip the
numbers and just read about our state’s Medicare Part D plan changes?
Yes you can.
We provide a written
summary of how 2023 Medicare Part D plans are changing in 2024 for each state,
just look for the "Summarized
in Plan Text
" link on our
state pages. For example, you can
to read more
about drug plan changes in Arizona, such as:
"Arizona 2024 Medicare Part D premium increases and decreases:
Part D plans
available in Arizona for 2024, 6 plan(s) will lower their
premiums and 20 will increase their premiums. Currently, 68.4% of Arizona
residents enrolled in a stand-alone Medicare Part D plan are enrolled in one of
the 20 plans with a premium increase. The average premium increase for members
of these plans will be $6.80 per month."
What about 2024 Medicare Advantage plans?
The 2024 Medicare Advantage plan landscape summary will be presented in our
next newsletter. A number of 2024 Medicare Advantage plans
) may be available
in your area and may include prescription drug coverage, along with Medicare
Part A (hospitalization coverage), Medicare Part B (out-patient and physician
coverage), and additional healthcare (and non-health-related) benefits.
You can use our Medicare Advantage plan finder (MA-Finder.com
) for an overview of plans in your area (enter your ZIP
to get started).
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