Lower Drug Costs on the Horizon for Medicare Beneficiaries

AJMC September 30, 2024
Maggie L. Shaw

Average Medicare drug premiums for older Americans will drop next year for those enrolled in traditional Medicare plans or who have coverage through Medicare Advantage, with opinions divided along party lines on the economic implications.

Whether through typical coverage or a stand-alone drug plan, Medicare drug premiums will drop next year for most older Americans who are enrolled in traditional Medicare plans or Medicare Advantage plans. Announced on Friday, traditional Medicare drug premiums will go down an average of 14%, and Medicare Advantage premiums should drop by 13%. For a stand-along drug plan, the Medicare Part D voluntary prescription drug benefit, the decrease will top out at 4%.¹

The decreases follow a heated Senate Finance Committee hearing on September 17,...

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