Inflation seems to be hitting everywhere and for the 2024 Part D Premiums for Medicare coverage it will be no different.
According to the Centers for Medicare Services on a national average the Part D premium for existing Plans will increase by 20.88% from 2023 to 2024.
2023 Part D Premiums on a national average = $49.05 a month.
2024 Part D Premiums on a national average = $59.25 a month.
Here is a breakdown of each State’s average 2024 Part D Premiums:
|State||Avg Monthly Premium||State||Avg Monthly Premium||State||Avg Monthly Premium|
|Indiana||$56.73||New Mexico||$53.80||West Virginia||$62.80|
The average percent increase in premiums from 2023 to 2024 by State:
|State||Avg Increase||State||Avg Increase||State||Avg Increase|
|Indiana||33.00%||New Mexico||18.21%||West Virginia||6.13%|
Unfortunately, in each state practically every Part D Plan will be increasing and some more significantly than others.
Some good news for 2024 Part D Plans:
In terms of good news the number of Part D Plans will remain almost constant as only a one or two plans will not be available in 2024.
This means for many of you your Part D
in each state there are least 2 Part D Plans that will actually decrease in terms of costs per month.
Alaska, New York, and Ohio have 2 while Arizona, Arkansas, New Mexico and South Carolina have the most with 6.
For those seeking the most affordable 2024 Part D Plan please research Wellcare’s Value Script (PDP) plan id S4802.
This plan is available in every State and the premium, on average, is under $1.00 per month.
The monthly premium will be higher in Alaska ($2.90) Louisianna ($2.90), New Tork ($3.70), and Oklahoma ($6.30).
There is a Deductible with this Part D Plan which ranges in cost between $400.00 to $545.00. All Deductibles, typically, must met before coverage starts.
The news is not very good when it comes to the 2024 Part D Plans as premiums, on average, are going to increase at a staggering 22.40%.
There are only a few plans in every state where costs will be lower than 2023 and hopefully the Part D Plan you currently have will not increase in price by that much.
If you have questions or concerns about your current Part D coverage or you are new to Medicare please contact any IRMAA Certified Professional as they will be able to assist you with all of your needs.
Medicare also provides an incredible resource for selecting any Part D Plan which you can access here: Medicare’s Plan Finder
When it comes to selecting a Medicare Part D Plan the number one factor is ensuring that your medications are covered.
Premiums and Deductible are secondary as the out-of-pocket costs for most prescription drugs are far more expensive than the costs that are part of the Part D Plan.