The changes to Medicare in 2024 include adjustments to premiums, deductibles, and coverage. Here are the key changes:
Premiums and Deductibles
- Part A: The full Part A premium will be $505 a month, a $1 decrease from 2023. The Part A deductible will be $1,632 per stay, an increase of $32 from 2023.
- Part B: The standard monthly Part B premium is rising by almost $10, from $164.90 to $174.70. The annual Part B deductible for original Medicare is increasing from $226 in 2023 to $240 in 2024.
- Beneficiaries with high incomes will pay more than the standard premium, with the amount depending on their earnings.
Prescription Drugs
- Under the new drug law, Medicare Part D plan members will not have any more out-of-pocket costs for the rest of the year once they’ve spent $8,000 on their medications. In 2025, an annual $2,000 out-of-pocket cap on Part D spending will take effect.
- The eligibility for the Extra Help program is expanding in 2024, with the income threshold for Medicare enrollees to qualify for that program being 150 percent of the federal poverty level.
- The catastrophic cap for Medicare Part D in 2024 is $8,000. Once an individual’s out-of-pocket spending reaches this amount, they will automatically receive “catastrophic coverage.” This means they won’t have to pay a copayment or coinsurance for covered Part D drugs for the rest of the year. The catastrophic threshold is set to increase to $8,000 in 2024, up from $7,400 in 2023
Other Changes
- Medicare is in the process of negotiating with drugmakers over the price of their products for the first time in history.
- Beginning Jan. 1, licensed marriage and family therapists as well as mental health counselors will be able to enroll in the Medicare program to treat Medicare enrollees.
Extra Benefits
- Most Medicare Advantage plans offer extra benefits beyond what the law requires, such as dental, vision, and hearing coverage, gym memberships, and transportation to doctors’ offices.
These changes are aimed at adjusting Medicare premiums, deductibles, and coverage to better meet the needs of beneficiaries in 2024
- https://www.kff.org/medicare/issue-brief/changes-to-medicare-part-d-in-2024-and-2025-under-the-inflation-reduction-act-and-how-enrollees-will-benefit/
- https://www.panfoundation.org/everything-you-need-to-know-about-medicare-reforms/
- https://www.kff.org/medicare/issue-brief/medicare-part-d-in-2024-a-first-look-at-prescription-drug-plan-availability-premiums-and-cost-sharing/
- https://www.cms.gov/newsroom/fact-sheets/cms-releases-2024-projected-medicare-part-d-premium-and-bid-information
- https://www.medicare.gov/drug-coverage-part-d/costs-for-medicare-drug-coverage/catastrophic-coverage
PHOTO: Medicare by Nick Youngson CC BY-SA 3.0 Pix4free