Changes in Medicare Part D in 2024

The Inflation Reduction Act of 2022 includes several provisions that help lower drug costs for people with Medicare. In 2024, costs in the catastrophic phase are eliminated and Part D plans will pay 20% of total drug costs in this phase instead of the previous 15%. This is greatly important to your patients who utilize drugs with high costs. Once they are in the catastrophic phase, they no longer have to pay 5% of the drug costs. In 2025, it is even better as their out-of-pocket drug costs will be capped at $2,000.