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2024 Medicare Drug Plan Premium Costs Vary Widely For Seniors

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LOS ANGELES - eTradeWire -- A senior in Houston will pay monthly premiums as little as 50-cents for their 2024 stand-alone Medicare prescription drug plan coverage. Or, they could pay as much as $108.30 monthly according to just-released data from the American Association for Medicare Supplement Insurance (AAMSI).

"Costs for your 2024 Medicare drug plan coverage will vary widely depending on where you live and the plan you choose," reports Jesse Slome, director of the organization. "Insurers and drug plan providers have just published their rates and plan coverage details for 2024. Seniors will soon have the chance to review plans and select the best coverage for 2024."

Some 22 million Americans have stand-alone Medicare drug plan coverage according to AAMSI. These plans supplement coverage for seniors with only Medicare Plans A and B as well as those with Medigap supplemental coverage.

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Medicare's Annual Enrollment Period (AEP) begins October 15. This is the chance for seniors to review coverage and make changes for the coming year. AEP ends December 7, 2023.

According to the Association analysis of 2024 Part D drug plans, seniors in Los Angeles and San Francisco have 23 different plan options available for comparison. "Philadelphia seniors have 18 plans to choose from," Slome explains. "Atlanta and Phoenix seniors have 21 different plans available."

Monthly premiums range dramatically according to the Association's 2024 Medicare Drug Plan Price Index. "The premium is an important factor but not the only thing that one needs to consider," Slome advises. "Some plans have a $0 deductible cost while others have a $545 yearly deductible. And, each plan gets to assign tier levels for specific prescription medication coverage."

To help seniors find the best 2024 drug plan coverage, the Medicare insurance professional recommends three steps. "First, start early because the deadline to act is set and waiting until the last weeks means you may not be able to get access to the answers or experts you want," Slome advises.

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"Don't simply look at premium costs. Input information on the drugs you take and the pharmacy you use," Slome adds. "Finally, see if there are ways to save by accepting mail delivery or using third-party services like GoodRx."

The Association makes available a free online directory listing local Medicare insurance agents at https://www.medicaresupp.org/find-local-agent/. "Many Medicare insurance specialists will help seniors compare locally available drug plans," Slome adds.

Access the American Association for Medicare Supplement Insurance 2024 Medicare drug plan price report at https://medicaresupp.org/best-2024-medicare-drug-plans/.

Source: AAMSI
Filed Under: Financial

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