Starting in 2024 Part D plans will still continue to have four stages or periods designed into them. The four stages will be the deductible period , initial coverage period, coverage gap (donut hole), and catastrophic coverage.
The biggest change will be to the final stage the catastrophic coverage. The Inflation Reduction Act of 2022 will eliminate the cost sharing for covered Part D drugs in this stage beginning in 2024. Currently in the Catastrophic phase you will pay a copay or 5% of the drug cost, but in 2024 there will be no copay or 5%.
The best way to describe the catastrophic phase is to picture it as a stop-loss stage. Once your out of pocket spending in 2024 reaches $8,000 you will automatically get catastrophic coverage. This means you will not have to pay anything for you covered Part D medication. If someone was to be put on an expensive medication for whatever reason, they will know that there will be a stop-loss to there expenditures. This will help seniors from draining there hard earned savings.
There are also many other changes going to happen to Part D because of the Inflation Reduction Act. These other changes will happen in the years to come, so it is important to evaluate your Part D plans every year. The best time to evaluate your Part D is during the annual enrollment period between October 15 - December 7.
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