Insurance Advisors Direct

The Centers for Medicare and Medicaid Services (CMS) has announced several changes to Medicare for 2024. These changes affect both Original Medicare and Medicare Advantage plans.

Changes to Original Medicare

  • Part B Premium: The standard Part B premium will increase by $9.80 per month to $174.70 in 2024. This is a 5.9% increase from 2023.

  • Part B Deductible: The annual Part B deductible will increase by $14 to $240 in 2024. This is a 6.2% increase from 2023.

  • Part A Deductible: The Part A deductible will remain the same in 2024 at $1,556.

Changes to Medicare Advantage plans

  • Out-of-pocket maximum: The out-of-pocket maximum for Medicare Advantage plans will increase to $3,300 in 2024. This is a $100 increase from 2023.
  • Part B premiums: Medicare Advantage plans are not allowed to charge more than the standard Part B premium of $174.70 per month in 2024.

Other Changes

  • Insulin price cap: Medicare will cap the copay for a month’s supply of insulin at $35 for beneficiaries who participate in the Medicare Part D prescription drug benefit.
  • At-home testing: Medicare will cover at-home testing for COVID-19 for an additional year.
Here are some additional resources that you may find helpful:

Conclusion

The changes to Medicare for 2024 are designed to help make Medicare more affordable and accessible for beneficiaries.

Medicare 2024 Navigating The Changes

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