Medicare Announces 2025 Part D Costs
The government has announced the 2024 costs for a standard Part D prescription drug plan.
- The standard deductible will be $590.
- The base beneficiary premium for a standard Part D drug plan is $36.78. Although it's likely no drug plan will have this premium, it establishes the Part D late enrollment penalty.
- The late enrollment penalty this year will be 36.8¢ for every month a person does not have creditable prescription drug coverage.
- The donut hole (Coverage Gap) is gone so there are only three drug plan payment stages.
- A drug plan member will pay no more than $2,000 out-of-pocket for covered prescription drugs.
- Once hitting the $2,000 cap, the member enters the Catastrophic Coverage phase and pays nothing for medications.
