For your Part D or drug coverage, the Inflation Reduction Act (IRA) created several changes to the Prescription Drug Plan Coverage which are increasing the premium cost for many people as well as changing the formularies and sometimes the tier rating of specific medications.

Now IF you take a high cost drug, this is gonna help immensely but if not, a beneficiary would be wise to evaluate their current plan and make sure it meets their needs OR pick another one during the AEP (annual enrollment period October 15, 2024 - December 7, 2024.

Key changes include shifting financial liability from government to Part D plans in the Part D catastrophic phase and capping annual patient cost sharing at $2,000 per year. The changes go into full effect in 2025, and are projected to increase premiums in exchange for out-of-pocket savings and greater plan liability

It's insurance and when added benefits are added, we all have to pay our fair share.

It seems that you might not have reevaluated your Part D coverage plan - you may want to do it now even if the AEP is over. Make sure that the plan still covers any medication needs for your - IOW, check the formulary. Make sure of the tier level of any needed medications. See if your plan changed in design - like now there is a deductible applied.

All of this should have been communicated to you back in October 2024by the plan's insurance sponsor when the plans sent out their annual explanation of coverage changes.

KFF.org- 10/09/2024 - A Current Snapshot of the Medicare Part D Prescription Drug Benefit

Many of the Part D insurance sponsors increased their premiums in 2024 since their ability to raise premiums in 2025 and a few years later were also capped by the IRA.

During the AEP, you were given the chance to change your Part D Prescription Drug Coverage to any of the ones that were offered in your area. Medicare.gov offered a comparison tool where you insert your zip code and the prescriptions you are currently on to give you a summary of the available plans in your area that covered your drugs.

Medicare.gov - Explore Your Medicare Coverage Options

We must take the responsibility to review these plan options EVERY year since they change and a beneficiary needs to make sure the one they pick picks their needs. These Medicare Part D Prescription Drug insurers as well as the drug manufacturers are per the IRA law having to cover more of the cost associated with the medications - thus an increase in premiums brought on in most all cases by the changes which the Inflation Reduction Act forced upon them.

If you take no meds you still need to find the lowest cost plan so that your enrollment will prevent you from having to pay a late enrollment penalty.

Now, be happy that your medication cost are capped at $2000 annually and be thankful that people who have to take very high cost medications now get a somewhat reprieve from these high cost meds. all courtesy of the IRA AND the drug manufacturers and insurers picking up more of the associated cost.