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Federal annuitants will have higher healthcare costs in 2024. The enrollee share for Federal Employees Health Benefits Program premiums is rising 7.7%, and the standard Medicare Part B premium is increasing 5.9%, or $9.80, to $174.70/month.
Medicare Part D reforms that passed in 2022 are being implemented and offer annuitants an opportunity to save money next year in two ways—lower out-of-pocket prescription drug costs and protection against high out-of-pocket prescription drug costs.
We’ll discuss Part D reform and the two plan options available to annuitants next year—Part D Prescription Drug Plans and FEHB Medicare Advantage Plans.