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2024 Medicare Part D Premium Costs

The Centers for Medicare and Medicaid Services (CMS) recently announced that the 2024 average total monthly Medicare Part D premium is projected to be approximately $55.50. This amount is a slight decrease from $56.49 in 2023. 

Despite these projections, most of the Part D premiums for coverage offered by RetireMed are much lower and often $0. If you have questions about Medicare, our advisors are here to offer local help. Read more for details about Medicare Part D.

What is Medicare Part D?

Medicare Part D covers prescription drugs. It is separate from Original Medicare -  Medicare Part A and Part B.

Is Part D coverage required?

Not exactly. Part D coverage is optional. If you purchase Part D coverage to help with your prescription costs, you’ll be required to pay a monthly premium. 

However, in order to avoid a Part D late enrollment penalty, you will need to have prescription drug coverage that is considered creditable (equal in quality) to Medicare. This could be through a Medicare plan or as the employee or dependent through employer group coverage.

Options for Medicare Prescription Drug Coverage

If you have Original Medicare or a Medicare Supplement plan, you can purchase a standalone Medicare prescription drug plan. While the projected average total monthly premium is $55.50 in 2024 for standalone prescription drug plans, most drug plans offered by RetireMed have much lower monthly premiums.

Most Medicare Advantage Plans come with Part D coverage included. These are called Medicare Advantage Prescription Drug (MAPD) Plans. The majority of MAPD plans offered by RetireMed have $0 premiums.

It's important to know that annual drug plan premiums are released on Oct. 1 of each year.

Questions about how much Medicare costs? Our local team has answers.

We’re here to guide you through every step in the Medicare process. Whether you’re preparing to enroll or curious if your current Medicare coverage is the right fit, our experts offer local help with Medicare questions.

If you’re new to RetireMed, we encourage you to schedule a call with an advisor.

Already a RetireMed client? Your client advisor team is here to help! Reach out to us by calling 877.222.1942 or schedule a call.