07/25/2024
PART D BENEFIT REDESIGN BEGINNING IN 2025
The Inflation Reduction Act of 2022 makes a number of significant updates to the Part D benefit aimed at reducing enrollees' out-of-pocket spending for covered Part D drugs at $2,000, eliminating cost-sharing in the Catastrophic Coverage stage, and eliminating the Coverage Gap. Watch for your Annual Notice of Change (ANOC) that you will receive in September from your insurance carrier. This includes any changes in coverage, costs, and more that will be effective in January 2025.
This is the year to review your coverage closely.