If you are already enrolled in a Part D "standalone" plan or a Medicare Advantage plan that incorporates drug coverage, you can switch plans during the open-enrollment period, which runs from Oct. 15 to Dec. 7 every year.

If you are already enrolled in a Part D "standalone" plan or a Medicare Advantage plan that incorporates drug coverage, you can switch plans during the open-enrollment period, which runs from Oct. 15 to Dec. 7 every year.

In 2024, you are facing higher out-of-pocket drug costs before you can qualify for catastrophic coverage. The out-of-pocket spending threshold will increase by $600, from $7,400 to $8,000 in 2024.

You will also face higher out-of-pocket costs in 2024 for the deductible and in the initial coverage phase before reaching the catastrophic coverage. The standard deductible is increasing from $505 in 2023 to no more then $545 in 2024, while the initial coverage limit is increasing from 4,660 in 2023 to $5,030 in 2024.

For costs in the coverage gap phase, beneficiaries will pay 25% for both brand-name and generic drugs. Manufacturers provide a 70% discount on brands and plans pay the remaining 5% of costs for brand name drugs. Plans pay the remaining 75% of generic drug costs.

In 2024, you are facing higher out-of-pocket drug costs before you can qualify for catastrophic coverage. The out-of-pocket spending threshold will increase by $600, from $7,400 to $8,000 in 2024.

You will also face higher out-of-pocket costs in 2024 for the deductible and in the initial coverage phase before reaching the catastrophic coverage. The standard deductible is increasing from $505 in 2023 to no more then $545 in 2024, while the initial coverage limit is increasing from 4,660 in 2023 to $5,030 in 2024.

For costs in the coverage gap phase, beneficiaries will pay 25% for both brand-name and generic drugs. Manufacturers provide a 70% discount on brands and plans pay the remaining 5% of costs for brand name drugs. Plans pay the remaining 75% of generic drug costs.

It pays to review your Part D coverage every year, especially if you have started taking new drugs.

• Go to PlanEnroll.com (Click on Prescription Drug Plans), where you can find the basics about the benefit and Part D plans. This link allows you to compare offerings and coverage options in your area and includes a helpful formulary finder that allows you to compare plans based on their coverage of your personalized list of drugs. It will even show you your monthly out-of-pocket drug cost for the year
• For Additional Information about Part D Drug Coverage, go to PlanEnroll Learning Center 

Call us to help you understand these options.

It pays to review your Part D coverage every year, especially if you have started taking new drugs.

• Go to PlanEnroll.com (Click on Prescription Drug Plans), where you can find the basics about the benefit and Part D plans. This link allows you to compare offerings and coverage options in your area and includes a helpful formulary finder that allows you to compare plans based on their coverage of your personalized list of drugs. It will even show you your monthly out-of-pocket drug cost for the year
• For Additional Information about Part D Drug Coverage, go to PlanEnroll Learning Center. 

Call us to help you understand your options.

Individuals with 2023 annual incomes of less than $21,870 and financial resources of up to  $16,600, or married couples with incomes of less than r $29,580 and financial resources of up to  $33,240, might qualify for Extra Help from Medicare to pay their Part D premiums and out-of-pocket drug costs.

For additional assistance or to see if you qualilfy for Extra Help, go to PlanEnroll Learning Center.