Medicare 2024 is seeing a host of changes, updates, and new policies that are set to impact millions of beneficiaries across the United States. This blog post will provide a comprehensive rundown of all these changes to help you stay informed and make the most of your Medicare benefits.
Starting with Medicare Part B, premiums will see an increase to $174.70 in 2024, up from $164.90 in 2023. While this may seem like a significant jump, it’s important to remember that these adjustments are made to keep pace with the rising costs of healthcare. Alongside this, the annual deductible for all Medicare Part B beneficiaries will rise to $240, marking a $14 increase from the previous year’s deductible of $226.
In contrast, the Medicare Part A inpatient hospital deductible is also set to increase. However, a silver lining comes in the form of the Inflation Reduction Act, which will make more people eligible for full benefits in 2024. This could potentially lead to average savings of nearly $300 per year.
A major reform coming to Medicare in 2024 is the discontinuation of the partial program. Starting January 1, 2024, anyone who qualifies for the program will receive full program benefits. This change is expected to provide considerable relief to beneficiaries who were previously only eligible for partial benefits.
Medicare 2024: Advantage Plans & Prescription Medications
Meanwhile, Medicare Advantage and Part D are also undergoing crucial changes as part of the 2024 Medicare Advantage and Part D Final Rule. Most of these policy updates will go into effect on January 1, 2024, marking a significant shift in how these programs operate.
Another noteworthy change is the lowering of drug prices for Medicare enrollees. This is a welcome change, especially for those on multiple medications, and could result in substantial savings over the course of the year.
The popularity of Medicare Advantage is also expected to continue its upward trend. As such, beneficiaries may find more competitive and comprehensive plans available in the market, giving them more choice and flexibility in their healthcare coverage.
Medicare 2024: Telehealth & Extra Help
In 2024, there will also be changes in the coverage of telehealth services. This comes as telehealth has become increasingly important in facilitating access to healthcare, particularly during the COVID-19 pandemic. It’s a positive step towards making healthcare more accessible and convenient for all beneficiaries.
Another significant update for 2024 is the expanded access to Extra Help. This program provides assistance to eligible low-income individuals to help cover prescription drug costs. With expanded access, more people can benefit from this assistance, easing the financial burden of medication costs.
The maximum costs for prescription drugs are set to rise in 2024. While this may not be welcome news for many, it’s yet another reflection of the increasing costs of healthcare. However, with the aforementioned expanded access to Extra Help, some of this burden may be alleviated for those who qualify.
Starting January 1, 2024, Medicare will also begin covering mental health care services provided by marriage & family therapists and mental health counselors. This marks a significant expansion in Medicare’s mental health coverage, reflecting the growing recognition of mental health as an integral part of overall health.
In conclusion, while changes to Medicare in 2024 include both increases in costs and expansions in coverage, they reflect ongoing efforts to adapt to the evolving healthcare landscape. As always, staying informed about these changes is key to maximizing your benefits and ensuring you have the coverage you need in the coming year.
