National polling: Medicare patients seeing premium costs increase in 2024
A recent national poll from the PAN Foundation finds nearly one-in-three (28 percent) Medicare beneficiaries enrolled in Part D plans say the cost of the monthly premium for their prescription drug plan is higher in 2024 than it was in 2023. And among those who reported an increase, 11 percent say their premiums increased by 16-20 percent, while 10 percent say their premiums increased by more than 20 percent.
Other key findings include:
- Two-in-five (40 percent) of Medicare beneficiaries enrolled in Part D plans say they have financial difficulty affording the monthly premium for their prescription drug plan.
- One-fourth (26 percent) of those surveyed reported experiencing at least one of the following difficulties as a result of paying their monthly premium:
- cutting back on other expenses,
- cutting back on food expenses,
- being unable to afford prescription medications,
- delaying or missing utility bill payments, or
- delaying or missing rent/mortgage payments.
“Our poll highlights the real challenges patients enrolled in Medicare Part D plans are facing when it comes to their overall total cost of care,” said Amy Niles, Chief Mission Officer at the PAN Foundation. “And it’s clear that it’s not just high out-of-pocket prescription costs that are making healthcare inaccessible and unaffordable for many. Specifically, it’s heartbreaking to see how many patients are having to make difficult financial choices due to the substantial increases they are seeing in their monthly premium costs.”
These findings also reinforce the continued need for charitable patient assistance. Because even though the $2,000 out-of-pocket cap on prescription medications for Medicare Part D goes into effect in 2025, many patients will continue to face affordability challenges due to higher premium costs and other healthcare and living expenses.
And since the 52 million adults in the U.S. enrolled in Medicare Part D, and other federally funded insurance programs, are unable to use manufacturer assistance, they must rely on organizations, like PAN, to serve as a safety net. That’s why the PAN Foundation, through our copay and health insurance premium funds, will continue to be there for thousands of patients across the country each year.
Additional resources:
Polling methodology: This poll was conducted between March 16-17, 2024, among a sample of 2,201 adults. The interviews were conducted online, and the data were weighted to approximate a target sample of adults based on age, gender, race, educational attainment, region, gender by age, and race by educational attainment. Results from the full survey have a margin of error of plus or minus 2 percentage points.
About the PAN Foundation
The PAN Foundation is an independent, national 501 (c)(3) organization dedicated to helping federally and commercially insured people living with life-threatening, chronic, and rare diseases with the out-of-pocket costs for their prescribed medications.
Since 2004, we have provided more than 1.1 million underinsured patients with $4 billion in financial assistance. Partnering with generous donors, healthcare providers and pharmacies, we provide the underinsured population access to the healthcare treatments they need to best manage their conditions and focus on improving their quality of life. Learn more at panfoundation.org.