At IncyteCARES, our mission is to help eligible patients get started with their medicine and to provide information and support throughout their treatment. As part of this commitment, we wanted to inform you of some important changes for Medicare beneficiaries. Below, we discuss the details of the changes so that you can determine the impact on you. The changes below are effective January 1, 2024.
Medicare Part D enrollees will no longer be obligated to pay the 5% coinsurance or copayments that are currently required during the catastrophic coverage phase. This means that there will be capped out-of-pocket spending for Part D enrollees. The catastrophic threshold for 2024 will be set at $8,000 and includes the amount spent by you, your insurance company, and the manufacturer discounts. The amount of out-of-pocket costs for specialty medications should be approximately $3,300 annually, substantially lower than previous years.
of Premium Costs
Medicare Part D enrollees are expected to experience a 2% decrease in monthly premiums compared to the cost of premiums in 2023. Healthcare insurance plans will have to limit premium increases to no more than 6% over the previous year. This cap will continue through 2029. The Inflation Reduction Act and overall reduced costs for Medicare beneficiaries are responsible for stabilizing Medicare Part D premium costs.
The Medicare Part D Extra Help program allows low-income individuals with Medicare Part D to pay $0 premiums for coverage and offers fixed copayments for prescription drugs. Eligibility criteria have expanded to individuals who fall between 135% and 150% of the federal poverty line and meet resource limit requirements.
Many of these changes should help to better offset patient out-of-pocket costs and may
change some service offerings within IncyteCARES.