On May 16, 2023 the IRS released a revenue procedure identifying inflation-adjusted high deductible health plan and health savings account amounts for use in 2024.
2024 Medicare Part D Parameters Disclosed
- Per Hub International,
- “CMS recently released its updated Medicare Part D guidelines that can be used by group health plan sponsors to determine whether their plans’ prescription drug coverage is creditable for 2024 and to update the information needed for required Part D disclosures to eligible individuals and to CMS.
- “To help determine whether prescription drug coverage is creditable, CMS has released the following 2024 parameters for the standard Medicare Part D prescription drug benefit:
- Deductible: $545 (up from $505 in 2023);
- Initial coverage limit: $5,030 (up from $4,660);
- Out-of-pocket threshold: $8,000 (up from $7,400);
- Total covered Part D spending at the out-of-pocket expense threshold for beneficiaries who are not eligible for the coverage gap discount program: $11,477.39 (up from $10,516.25 in 2023); and
- Estimated total covered Part D spending at the out-of-pocket expense threshold for beneficiaries who are eligible for the coverage gap discount program: $12,447.11 (up from $11,206.28).”