2024 Medicare-Approved Prescription Drug Plans: What Seniors Should Know
With recent cost-of-living increases, Medicare-approved prescription drug plans and the upcoming changes to 2024 Medicare Part D plans are top-of-mind for seniors. All too often, seniors find that their prescriptions cost more than they can afford. Medicare Advantage and Medicare Part D can help, but certain life-sustaining medicines still remain financially out of reach for some.
There is good news, though. Adjustments to the 2024 Medicare Part D plans are intended to provide assistance for many of the almost nine out of ten adults older than 65 who take at least one prescription drug. Because regular medication is part of daily life for millions of Americans, understanding how Medicare Part D works is crucial.
What’s going on with Medicare-approved prescription drug plans?
Addressing the challenge of soaring prescription drug costs, the Biden Administration incorporated a plan to address these expenses into the Inflation Reduction Act of 2022. For the first time, the federal government has the power to negotiate with drug companies to fix costs and lower prescription drug expenses for seniors across the country.
In early March 2024, manufacturers participating in the drug price negotiations submitted a counteroffer to the U.S. Department of Health and Human Services (HHS), which sent initial price proposals to these drug makers on February 1. Experts on Medicare-approved prescription drug plans expect negotiations to continue throughout the spring. Negotiated drug prices will be made public, once an agreement is made. New prices are set to take effect at the beginning of 2026.
These exciting developments in lowering prescription drug costs aren’t the only recent changes. At the beginning of 2024, access to Medicare Part D’s Low-Income Subsidy Program was expanded. Already, 300,000 additional seniors with low and modest incomes have access to lower-cost prescription drugs. However, healthcare officials believe as many as three million seniors could benefit, once enrolled.
Finding the best 2024 Medicare Part D plans
Choosing the right Medicare Part D plan isn’t easy. But there are different ways you can find the coverage best suited to your needs. Working with a Medicare consultant can help. It’s the easiest and most effective path to finding the best 2024 Medicare Part D drug plans for seniors.
A qualified Medicare consultant will collect information about your overall health, the drugs you’ve been prescribed, and your budget. Then, they’ll provide a useful overview of what’s available, premium costs and expected drug expenses before offering Medicare-approved prescription drug plan options to match your needs. My Senior Health Plan can help you find a qualified Medicare consultant.
Managing prescription drug costs
Regardless of the type of Medicare Part D plan you have, if you have prescriptions, you’ll incur a monthly expense for your medicines. We want you to keep more money in your pocket! So, we’re sharing a few steps you can take to lower the amount you spend each month.
- Get healthy: While this isn’t a possibility for everyone, improving your diet and increasing exercise can eliminate the need for certain prescription drugs. These lifestyle changes naturally lower blood pressure, reduce inflammation and boost gut health. Always check with your doctor before making any changes to your exercise plan or prescriptions..
- Talk to your doctor: If you take an expensive prescription, consult your physician about lower-cost alternatives or generic drugs. A simple switch can often save you money!
- Check your eligibility: The federal government expanded Medicare’s Low-Income Subsidy Program this year. Contact your Medicare consultant to find out if you’re eligible.
For more information on Medicare-approved prescription drug plans, or to find a qualified Medicare consultant, My Senior Health Plan is here to help. Call us at 877.255.6273 or email us at info@myseniorhealthplan.com to learn more.
image credit: shutterstock/Maria Dryfhout
