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2024 "Donut Hole" Updates

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By Daniel Petkevich
Aug 3, 2023

Upcoming Changes to Medicare Part D

Medicare Part D is a crucial component of Medicare, designed to help individuals cover their prescription drug expenses. In accordance with the Inflation Reduction Act of 2022, some exciting changes are coming to your Part D benefits in 2024.

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"Donut Hole" Updates
  1. The Part D Deductible will increase to $545 max per year ($505 in 2023).
  2. The Initial Coverage phase max limit will increase to $5,031 ($4,660 in 2023).
  3. The Coverage Gap or "Donut Hole" max limit will increase to $8,000 ($7,400 in 2023).
  4. The Catastrophic Coverage phase will have $0 out-of-pocket costs (5% in 2023).
Visual asset.
Expanding LIS
Medicare is expanding eligibility for Part D Low-Income Subsidies also known as "Extra Help". The new income limit for full Extra Help will be raised to 150%

FPL

. Eliminating the partial Extra Help category for individuals with incomes below 150%

FPL

.
Premium Increase Limits
The new law will also cap Part D premium increases to no more than 6% annually. The national average Part D premium in 2023 was $32.74 a month. Six percent of that is just $1.96!
Overall, many of these changes are expected to reduce costs for consumers and improve access for Medicare Part D beneficiaries. For more information on how these updates will impact your coverage, please schedule consultation today at

fairsquaremedicare.com

or call us at 1-888-454-2383. Our experts are looking forward to talking to you!

Stay Up to Date on Medicare!

Join the Fair Square Medicare Newsletter to stay informed on cost savings, changes to Medicare, and other valuable healthcare information.

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Virgil Insurance Agency, LLC (DBA Fair Square Medicare) and www.fairsquaremedicare.com are privately owned and operated by Help Button Inc. Medicare supplement insurance plans are not connected with or endorsed by the U.S. government or the federal Medicare program. This is a solicitation of insurance. A licensed agent/producer may contact you. Medicare Supplement insurance is available to those age 65 and older enrolled in Medicare Parts A and B and, in some states, to those under age 65 eligible for Medicare due to disability or End-Stage Renal disease. Virgil Insurance Agency is a licensed and certified representative of Medicare Advantage HMO, HMO SNP, PPO, PPO SNP and PFFS organizations and stand-alone PDP prescription drug plans. Each of the organizations we represent has a Medicare contract. Enrollment in any plan depends on contract renewal. The plans we represent do not discriminate on the basis of race, color, national origin, age, disability, or sex. Plan availability varies by region and state. For a complete list of available plans 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. © 2022 Help Button Inc

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