This is an early warning of what to expect during the fall open enrollment. Unfortunately for you, the spin doctors are hard at work telling you how lucky you are that Congress passed the Inflation Reduction Act.
Most of the press is touting lower premiums, lower drug costs, lower OOP for those who hit the catastrophic category phase for expensive drugs, and how Medicare will be able to negotiate drug prices on the most expensive medications.
What you are not being told is that most of the “savings” accrue to low income seniors. If you are middle income or higher your drug premiums and copays will be HIGHER, not lower.
initial deductible for 2024 is $545 vs. $505 for 2023.
The ICL (initial coverage limit) before you hit the donut hole is $5030 vs $4660 now. The RETAIL cost of your drugs will have to total $5030 before you go into the donut hole
Good news for SOME cancer patients is your OOP maximum is supposed to be capped at $3300 for the year. This applies to Pomalyst, Revlimid, Imbruvica, Jakafi and Ibrance.