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Big changes are coming to Medicare in 2024. As an enrollee, it is important to understand these changes and how you may be affected!
Changes to Medicare in 2024 (0:25) 2024 Medicare Costs (0:50) Medicare Part A Cost Breakdown (1:14) Medicare Part B Cost Breakdown (3:01) Medicare Part C Cost Breakdown (3:42) Medicare Part D Cost Breakdown (4:18) Changes to Medicare Extra Help (5:00) Changes to Medicare Part D Catastrophic Coverage Coinsurance (5:45)
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As you may know, Medicare changes annually. Beneficiaries may see up to a 6% premium increase in 2024. In this video, we break down all of the changes coming to Medicare in 2024 and how they will impact you as a beneficiary. Hello, Medicare community. My name is Tara Pisano, your Medicare educator with Elite Insurance Partners and MedicareFAQ.com. Today, we will review the 2024 medicare cost breakdown, changes to the Medicare Extra Help program, and the elimination of the Medicare Part D catastrophic coverage phase coinsurance. Medicare costs update annually to reflect the current state of the economy. These costs include premiums, deductibles, coinsurance, and co-payments. In 2024, most Medicare costs are slightly increasing from 2023. Let's break them down. Medicare Part A covers hospital-in-patient care, meaning that any time you are admitted to the hospital, Medicare Part A benefits cover its portion of your expenses, leaving you responsible for a few out-of-pocket costs. In 2024, Medicare Part A has a zero dollar premium for most enrollees. However, you must meet a specific number of working quarters in the United States to qualify. If you work 40 or more quarters throughout your lifetime, you will receive Medicare Part A with no monthly premium cost to you. However, if you do not meet this requirement, you may be responsible for covering the cost of your Medicare Part A benefits. If you worked 30 to 39 quarters, the 2024 Medicare Part A partial premium stays the same as 2023 at $278. If you work 29 quarters or less, you are responsible for the full Medicare Part A premium of $505, a $1 decrease from 2023. The Medicare Part A deductible is $1,632. The skilled nursing facility coinsurance is $204 per day. The inpatient coinsurance for days 1-60 remains $0. For days 61-90 is $408, and the coinsurance for days 91+ is $816 per day. These days are also known as life time reserve days and can only be used up to 60 days in your lifetime. Medicare Part B helps cover outpatient services, durable medical equipment, and your doctor's visits. Medicare Part B costs in 2024 have slightly increased when compared to the previous year. In 2024, the Medicare Part B standard premium is$174.70. The deductible is $240 plus you will still be responsible for covering the 20% coinsurance for any service covered by Medicare Part B after you meet the deductible. Medicare Part C, also known as Medicare Advantage can be tricky to calculate as each plan offers different costs and benefits depending on where you live. However, the average Medicare Advantage Plan premium and maximum out-of-pocket limit have increased slightly from 2023. In 2024, the average monthly Medicare Part C plan premium is $18.50 The maximum out-of-pocket limit is $8,850. Like part C, Medicare Part D costs vary based on where you live. So cost can be difficult to calculate. However, there are a few costs that are federally regulated. In 2024, the average Medicare Part D premium is $55. The maximum plan deductible is $545. The coverage gap begins at $5,030 and ends at $8,000. During the coverage gap phase, you will be responsible for 25% of the retail cost of your prescription drugs. The Medicare Extra Help Program helps low income beneficiaries cover their Medicare Part D out-of-pocket costs. Beginning in 2024, there will no longer be a partial extra help program. Thus, anyone who qualifies for extra help will receive the same benefits. Extra help benefits will be offered to people with incomes up to 150% of the federal poverty level. If you qualify for extra help, you will not be required to pay your Medicare Part D deductible or premium, and you will receive lower fixed co-payments for certain medications. Another change coming to Medicare in 2024 revolves around Medicare Part D catastrophic coverage. In the past, once you've reached the average gap or donut hole's maximum limit, you would then be responsible for 5% of the retail cost of your drugs throughout the remainder of the year. However, this is no longer the case. In 2024, Medicare has limited the amount you can spend out-of-pocket during the catastrophic coverage phase. Once you meet the out of pocket limit of $8,000 for your total drug costs, You will no longer be required to pay a co-payment for your drugs through the end of the year. Thank you for watching. We hope this outline of Medicare changes helps you better understand your Medicare coverage for 2024. Make sure to subscribe to our YouTube channel. Don't forget to turn notifications on so you are notified each time we upload a new video. We also have a fantastic Medicare community on Facebook. We will leave a link in the description below so you can join. See you in the next video. Bye.