2024 Advance Notice for Medicare Advantage and Medicare Part D Prescription Drug Programs Has Been Released

The Centers for Medicare & Medicaid Services (CMS) released the calendar year (CY) 2024 Advance Notice for Medicare Advantage (also known as Medicare Part C) and Medicare Prescription Drug Programs (also known as Medicare Part D). The notice includes payment updates and star rating updates for both parts of Medicare, a one-time growth rate adjustment for Medicare Advantage, and technical updates to the Medicare Advantage risk adjustment model. Also included are significant Medicare Part D changes required by the Inflation Reduction Act of 2022 and which will go into effect next January including reduced cost-sharing for insulin, eliminated cost-sharing for preventive vaccines, eliminated cost-sharing for Part D prescription drugs in the catastrophic phase, and expanded eligibility for full cost-sharing and premium subsidies under the Low-Income Subsidy program. The comments are due by March 3, 2023.