Changes have been made by the federal government to Medicare Part A, Part B and Part D that expand coverage or lower your costs in 2024.
Care navigation: Providers are now being paid by Medicare to help patients coordinate all their care to care for the whole person, rather than approaching each health issue individually.
RX drug help: More Medicare enrollees will be eligible for the Extra Help program, designed to help low-income people afford their prescriptions. People who have an income of up to 150% of the poverty level will be eligible.
Limits have also been created on how much enrollees with expensive medications will have to pay out of pocket. Enrollees in Medicare Part D will not have to spend more than $8,000 out of pocket on their medications. That cap increases to $10,000 in 2025.
Medicare has been negotiating with prescription drug companies on the price of 10 drugs. The prices for those medications will be released in September.
Mental health services: Therapists and counselors can now be paid by Medicare for treating Medicare patients, relieving enrollees of that cost.
Chronic pain treatment: Medicare will begin covering some monthly treatments for those who suffer from persistent or recurring chronic pain for at least three months.
Full transparency: Many Medicare enrollees are unaware of the services they can receive under the program. Starting this year, insurers must inform patients halfway through the year of what services they can still use in that calendar year.
Premiums and deductibles
For Medicare Part A enrollees who did not work long enough to be eligible for free coverage, the premium will be $505/month, a $1 decrease from 2023.
The Part A deductible will increase to $1,632 per benefit period for a hospital or skilled nursing facility stay.
According to provisions of the Social Security Act, the standard monthly Part B premium will be $174.70, an increase of $9.80 from $164.90 in 2023.
Those with an annual income of more than $103,000, will pay higher monthly rates for both Medicare Part B and Part D based on income shown on the 2022 tax return.
The 2024 Part B annual deductible will be $240, an increase of $14 from the 2023 annual deductible of $226.
Contact the UROne Benefits™ team to discuss your personal needs, review Medicare plans, get answers to your questions, and help in choosing the right Medicare plan. For your free consulation, call UROne Benefits™ at 1-800-722-7331.