2024 Medicare Part D Premiums: Interim Data Report

A review of upcoming prescription drug premium increases and what retirees need to know.

The Inflation Reduction Act contained several provisions that aimed to reduce prescription drug spending for American retirees. Perhaps the most notable change is that beginning in 2025, the out-of-pocket maximum on prescription drugs will drop to just $2,000 for anyone on Medicare Part D.

Good news, right? Not so fast.

For the majority of retirees who don’t spend quite that much on prescriptions, there’s a trickle-down effect that (early data indicates) may have a negative impact – even before the law takes effect.