Medicare Part D in 2024: A First Look at Prescription Drug Plan Availability, Premiums, and Cost Sharing

(By Juliette Cubanski and Anthony Damico for the Kaiser Family Foundation Published: Nov 08, 2023)

During the Medicare open enrollment period from October 15 to December 7 each year, people with Medicare can enroll in a plan that provides Part D prescription drug coverage, either a stand-alone prescription drug plan (PDP) for people in traditional Medicare, or a Medicare Advantage plan that covers all Medicare benefits, including prescription drugs (MA-PD). In 2023, 50.5 million of the 66 million people covered by Medicare are enrolled in Part D plans, with more than half (56%) enrolled in MA-PDs and 44% in PDPs. This issue brief provides an overview of Part D plan availability and premiums in 2024 and key trends over time. (An overview of the 2024 Medicare Advantage market is also available.) (See Methods box for details on the analysis). Continue reading here…

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