New study forecasts major increases to Medicare Part D premiums in 2024, conflicting with CMS projections of declines.
Retired Americans enrolled in Medicare’s Part D prescription coverage could see their premiums increase by 42-57 percent in 2024, a new analysis by HealthView Services has found.
Early indicators show significant cost hikes for retirees in the five states with the largest senior populations. This is different from an earlier report projecting slight premium declines across Part D plans next year.
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Projected 2024 premiums are $1,404 in California, $1,246 in Florida, $1,154 in Texas, $1,469 in New York, and $1,189 in Pennsylvania. This represents average increases ranging from $269 in Texas to $510 in New York.
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Why It Matters?
Americans pay for prescription drugs over 2.5 times more than other high-income nations. One in five seniors alter medication use due to high prescription costs, a May 2023 national survey found. They either skipped, delayed, took less medication, or took someone else’s medications.
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With health costs a top concern for retiring Americans, the HealthView analysis shows 2024 increases could outpace the average retiree’s Social Security cost-of-living adjustment (COLA) by 70 percent. For those on fixed incomes, outpacing COLA adjustments poses real financial challenges.
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