You Need to Know: 2024 Updates for the Medicare Rx Options

February 14, 2024

Increases to Coverage Gap and Catastrophic Coverage Thresholds

Medicare requires that all Medicare prescription drug plans (including those provided by a Medicare Advantage plan) make certain changes each year. For 2024, the dollar thresholds for certain coverages are increasing:

  • The coverage gap dollar threshold increased to $5,030.
  • The catastrophic coverage dollar threshold increased to $8,000.

What this means for you: If you meet the catastrophic coverage threshold, you will then pay $0.

Enhanced, Basic, and Value Medicare Rx Options

There are no changes to the copay or coinsurance that you pay for medication in the Initial Coverage stage under the Basic or Value Medicare Rx Options.

For the Value Medicare Rx Option, the annual deductible for 2024 increased to $545.

Need more info? Refer to the benefit tables for specific copay amounts.

Get Help

Contact the HOP Administration Unit for assistance with your questions.