On Jan 1, 2024 as we all rang in the new year, the 5% cost sharing for patients in the “catastrophic phase” of our Medicare plans was eliminated.
The practical effect of this is quite enormous. According to a 2022 Kaiser Family Foundation brief (see graphic below), Part D enrollees taking only brand-name drugs will see a cap of about $3,300 on their out-of-pocket expenses for 2024.* The impact for many cancer patients who need to take expensive drugs is dramatic.
And don’t forget that, beginning next January, out-of-pocket costs for Part D drugs will be capped at an even lower $2,000* (adjusted to inflation each subsequent year).
* Note: This applies to oral and self-administered (Part D) drug costs. This does not apply to Part B infused drugs and costs Medicare otherwise covers like doctor visits, hospitalizations, etc.
