According to an official statement by the Centers for Medicare and Medicaid Services (CMS) on Monday, the projected average total premium for Part D beneficiaries is anticipated to decrease by 1.8% in 2024. This reduction would bring the average monthly premium down to $55.50 from the 2023 figure of $56.49.
The computed average monthly premium for Medicare Part D coverage in 2024, at $55.50, encompasses the combined average basic premium and the supplementary premium for plans featuring enhanced coverage. CMS emphasizes that this projection offers the most precise estimate of individuals’ 2024 Part D premium expenses.
In addition to this update, CMS has disclosed several other important figures for the year 2024: the Part D national average monthly bid amount has been set at $64.28, the 2024 Part D base beneficiary premium stands at $34.70, and the de minimis amount for low-income beneficiaries is established at $2.
The release of the Part D national average monthly bid amount by CMS serves as valuable assistance to Part D plan sponsors as they finalize premium details and make preparations for the upcoming Medicare Open Enrollment period, which is scheduled from October 15 to December 7. This enrollment window paves the way for coverage commencing on January 1, 2024.
For further insights, please refer to the official announcement on the CMS website at : CMS announces lower Medicare Part D premium for 2024 | Healthcare Finance News
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