Why are Medicare Trustees projecting faster growth in Part D spending?

The 2026 Medicare Trustees report forecasts Part D prescription drug benefits to nearly double from $181 billion in 2025 to $346 billion in 2035, reflecting a 6.7% annual growth rate. This acceleration, driven by higher costs for specialty and physician‑administered drugs, signals mounting pressure on Medicare’s outpatient drug spending despite an unchanged 2033 insolvency date.