Significant Medicare Changes for 2024
Medicare Changes

Annual Medicare Changes

Every year, Medicare undergoes significant adjustments, including changes to Medicare Advantage and prescription drug plans, as well as alterations to Original Medicare premiums and deductibles. Government decisions can also influence coverage across various types. Staying updated on these changes allows you to take control of your healthcare and financial planning, ensuring optimal coverage and peace of mind. It’s essential to stay informed, as these changes can significantly affect your Medicare coverage and expenses, impacting your health and financial stability during retirement.

Fundamental Changes to Medicare for 2024

In 2024, several fundamental changes have occurred to Medicare:

  • Standard Part B Premium: Increased to $174.70.
  • Annual Part B Deductible: Now $240.
  • Part A Inpatient Hospital Deductible: Increased to $1,632.
  • Cap on Part D Prescriptions: Individuals will now pay a maximum of $3,333 per year for Part D prescriptions.
  • Full Extra Help Benefits: More individuals are now eligible as the income threshold has been adjusted to 150% of the federal poverty level, compared to the previous threshold of 135%.

These changes underscore the importance of staying updated on Medicare adjustments.

Overview of Medicare Part A and Part B Changes for 2024

Medicare Part A:

  • Inpatient hospital deductible increased by $32, reaching $1,632.
  • Daily hospital coinsurance for days 61-90 increased by $8, now $408.
  • Daily hospital coinsurance for lifetime reserve days increased by $16, now $816.
  • Daily coinsurance for days 21-100 in skilled nursing facilities increased by $4, now $204.

Medicare Part B:

  • Standard monthly premium increased by $9.80, rising to $174.70.

These adjustments reflect the ongoing changes in healthcare costs and services. The beneficiaries must stay informed about these changes to effectively plan for their healthcare expenses and make informed decisions about their coverage options.

Updates to Part D, Advantage Plans, and Extra Help

Medicare Part D:

  • Covers prescription drugs and may change yearly, affecting coverage, costs, and benefits.
  • Maximum out-of-pocket limit for Part D drugs in 2024 is $3,333.
  • Part D Extra Help program will expand eligibility, increasing the income limit for full benefits from 135% to 150% of the federal poverty level.

Beneficiaries need to review plan details to ensure coverage for their prescriptions and consider other Part D options for potential cost savings.

Medicare Advantage Plan Updates for 2024

Medicare Advantage plans also undergo yearly changes. Here are some key updates for 2024:

  • Average Monthly Premium: $18.50, with 66% offering plans for free and 19% lowering the Part B premium.
  • Benefit Offerings: May include dental, vision, hearing care, transportation, and fitness perks. However, the availability of telehealth and transportation benefits has slightly decreased from 2023 to 2024.
  • Over-the-Counter (OTC) Benefits: Some plans have added or maintained these benefits, while others have removed or decreased them.

Beneficiaries should review their Annual Notice of Change to understand any alterations in fees and coverage and consider other plan options during the Medicare Open Enrollment Period.

Contact Us

If you have any questions regarding insurance costs or coverage changes, please get in touch with us at Health Plus. Our licensed Medicare Advisors are available to help you understand and maximize the value of your Medicare plan.

About the Author:

Parker was born and raised in Lakeland, FL, where he attended George Jenkins High School. He went on to receive his Bachelor of Science degree in Marketing and Management from the University of South Florida Polytechnic.

In 2008, Parker passed his state insurance exam and began selling Medicare Advantage plans under a local brokerage in Lakeland. In 2010, Parker worked as a sales agent for United Healthcare and became the top salesman until leaving in June 2019 to start his own insurance agency, Health Plus Advisors, Inc.

Parker has been married for almost 11 years to his wonderful wife, Courtney, and has three kids. Boone, age 9, loves to play baseball; Reese, age 8, competes in gymnastics; and Baylor, age 5, loves soccer and softball. During the summer, they love to spend time on the water in Anna Maria; during the winter, visiting family in Georgia and Connecticut.