What You Need to Know About Your 2024 Medicare Benefits
There are several Medicare changes taking place in 2024, and we’ve read through all the fine print to bring you a quick recap.
From a higher Part B premium to changes going into effect from the Inflation Reduction Act, here's what you need to know about Medicare changes in 2024.
Key 2024 Medicare Costs
Costs for Original Medicare, which includes Parts A and B, change slightly from year to year, and 2024 is no exception.
The standard Medicare Part B premium increasing by nearly $10 in 2024 to $174.70.
- Medicare Part B premium: $174.70 in 2024 ($164.90 in 2023)
- Medicare Part B deductible: $240 in 2024 ($226 in 2023)
- Medicare Part A deductible: $1,632 in 2024 ($1,600 in 2023)
Less than 1% of people pay a premium for Medicare Part A, but for those that do, premiums have increased slightly. You'll pay between $278-$505 per month in 2024 for Part A's hospital coverage, but again, this applies to very few Medicare beneficiaries.
IRMAA Brackets Have Increased
If you have a high income, you pay a higher premium for Medicare Part B coverage (called IRMAA, or Income-Related Monthly Adjustment Amounts).
Only about 8% of Medicare users face these higher costs, which are determined by you and (if applicable) your spouse’s tax records.
Read More: Are Medicare Costs Based On Your Income?
Inflation Reduction Act’s Impact on Medicare Part D
As we explained in a previous blog, the Inflation Reduction Act will have a big impact on the future of Part D drug costs.
Starting in 2024, all recommended adult vaccines that are covered by Medicare are now available with no cost-sharing.
Starting in 2023 and extending through 2025, there will be a copayment cap of $35 per month on Medicare-approved insulin products. This will apply even if you have not met your deductible. Insulin costs have skyrocketed in recent years, and this is the first step in efforts to mitigate the growing costs of this life-sustaining medication.
More 2024 Medicare Program Changes
Medicare has also introduced a few new coverage changes for 2024.
Each year, you can get a quick glance at these types of updates in your Medicare & You handbook, which is mailed to you by the Centers for Medicare & Medicaid Services (CMS).
Extra Help Updates
In 2024, everyone eligible for Extra Help, a program that helps those with low incomes cover Part D costs, will automatically get full Extra Help.
Full Extra Help means $0 for the Part D premium and deductible and reduced prescription costs.
The income limit in 2024 is also going up to 150% of the federal poverty level.
During COVID-19, telehealth services were greatly expanded to help everyone get easier access to care.
However, at the end of 2024, telehealth services will be limited again to offices or medical facilities in rural areas.
Chronic Pain Coverage
Medicare now covers monthly treatments for those with chronic pain, defined as recurrent pain lasting longer than 3 months.
You may be eligible for a pain assessment, medication management, and care coordination.
Mental Health Coverage
Medicare is also extending its mental health coverage to cover services from marriage and family therapists and mental health counselors.
Lymphedema Compression Treatment Coverage
If you've been diagnosed with lymphedema, in 2024, Medicare will cover the cost of the gradient compression garments your doctor prescribes, whether they are standard or custom fitted.
More Times to Sign Up for Medicare Advantage and Part D Drug Plans
There is an enrollment period update for 2024 that gives you another opportunity to sign up for Medicare Advantage or Part D.
If you qualify for a Special Enrollment Period (SEP) and use it to sign up for Part A or Part B, you'll also have 2 months from then to sign up for a Medicare Advantage plan or Part D plan.
Additionally, if you have to pay for Part A and you sign up for Part B during the General Enrollment Period, you will also have 2 months to join a drug plan.
One Thing That Doesn’t Change: Senior Allies’ Exceptional Service!
No matter what Medicare changes may come, you can count on the licensed insurance agents at Senior Allies to know the latest information and help you navigate the world of Medicare coverage.
If you have any questions about how these changes will affect you or your coverage, give us a call at 833-801-7999, and we’ll be happy to help you!
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