The Washington Report
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August 2, 2023
Note to Subscribers
While we do our best to provide timely updates, it is possible that the information shared in the newsletter may change after our publication deadline.
Legislative
Congress Adjourns for August Recess
Congress has adjourned for its August recess. The House and Senate are scheduled to reconvene after the Labor Day holiday.
Health
CMS Releases CY 2024 Projected Medicare Part D Premium and Bid Information
On July 31, 2023, the Centers for Medicare & Medicaid Services (CMS) released Calendar Year (CY) 2024 Medicare Part D premium and bid information. This annual release provides information to assist Part D plan sponsors to finalize their offerings and individuals to understand overall Part D premium trends ahead of Medicare Open Enrollment. The average total monthly Part D premium is projected to decrease from $56.49 in 2023 to $55.50 in 2024. CMS states that stable premiums for Medicare prescription drug coverage in 2024 are supported by improvements to the Part D program in the Inflation Reduction Act. CMS is also releasing additional information—such as the Part D national average monthly bid amount—to help Part D plan sponsors finalize their premiums and prepare for Medicare Open Enrollment. Medicare Open Enrollment for coverage begins January 1, 2024, and will run from October 15 to December 7, 2023. CMS anticipates releasing the 2024 premium and cost-sharing information for 2024 Medicare Advantage and Part D plans in September 2023.
The news release is available here.
A CMS Fact Sheet is available here.