National polling: Many patients enrolled in Medicare Part D unfamiliar with new cost-saving reform

A recent national poll from the PAN Foundation finds that, although 79 percent of adults covered by Medicare are enrolled in Medicare Part D, many are unfamiliar with a key reform that went into effect on January 1, 2024. The elimination of the five percent prescription cost-sharing obligation in the catastrophic phase for Medicare Part D essentially means that patients on Medicare Part D will have a cap of about $3,250 for calendar year 2024.

Key findings include:  

• Nearly two-thirds (62 percent) of adults enrolled in Medicare Part D plans say they are not familiar with the elimination of the five percent coinsurance for Part D catastrophic phase.  
• Of those who are not familiar with the form, more than 1 in 4 (26 percent) say they are not familiar at all.  
• The majority (67 percent) of adults enrolled in Medicare Part D plans say they don’t know what the limit for out-of-pocket prescription costs will be as part of the new Medicare Part D reform being implemented on January 1, 2024.  
• 2 in 5 (38 percent) adults enrolled in Medicare Part D plans say a limit of $3,250 on their out-of-pocket costs would not help their ability to afford prescription medications at all.  

“It is troubling to see such a large portion of individuals enrolled in Medicare Part D who are unaware of this important reform that impacts them and their access to care,” said Amy Niles, Chief Advocacy and Engagement Officer at the PAN Foundation. “This once again speaks to the broader need for patient education around Medicare Part D and the reforms being implemented as a result of the Inflation Reduction Act. Through our free public webinars and online educational hub, the PAN Foundation is doing our part to ensure patients—as well as caregivers and healthcare providers—understand how these new reforms impact them. But it’s clear that more is needed.”

These findings also reinforce the fact that even with this new reform, many patients will continue to struggle to afford the out-of-pocket costs for their prescription medications. That’s why the PAN Foundation will keep providing support to thousands of patients across the country each year through its more than 70 disease-specific assistance programs.

Additional resources:

• Everything you need to know about Medicare reforms 
• Webinar: How Medicare Part D changes could lower your costs in 2024 

Polling methodology: This poll was conducted by Morning Consult on behalf of the PAN Foundation between December 2-4, 2023, among a sample of 2,202 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.