Home » News & Events » Medicare: What’s New in 2024?
by Shea Corti for the SHIP Blog
Your Medicare coverage and costs can change each year, so it’s important to understand and review your benefits. Here’s an overview of what’s new in 2024.
Medicare Part A covers inpatient hospital services, skilled nursing facility services, home health care, and hospice. Most people don’t owe a premium for Part A, but if neither you nor your spouse have 10 years of Social Security work credits, you may owe a monthly premium. If you’re admitted to the hospital as an inpatient, you’ll owe a deductible of $1,632 at the beginning of your stay. If you have multiple hospitalizations, you may owe the deductible more than once. After you meet your deductible, your first 60 days in the hospital and your first 20 days in a skilled nursing facility cost $0 per day. After that, you owe an out-of-pocket cost each day for your continued stay.
Medicare Part B covers outpatient costs, such as doctor visits and lab tests. In 2024, the standard Part B premium is $174.70. If your income is above $103,000 as a single person or $206,000 as a married couple, you may pay a higher premium. Keep in mind that if you have a Medicare Advantage Plan, you may also pay an additional monthly premium for being enrolled in that plan. If you have Original Medicare, you‘ll owe a Part B deductible of $240 in 2024. You’ll continue to owe a 20% coinsurance for most services covered by Part B.
Medicare Part D covers outpatient prescription drugs. In 2024, the national average premium for the Part D basic benefit is around $30 per month. Your premium and drug costs vary based on your plan and your prescription drug needs. If your Part D plan has an annual deductible, it can be no higher than $545 in 2024. If you reach the catastrophic coverage phase in 2024, you then won’t owe any of the cost of your covered drugs. This is a new change and basically means that your Part D out-of-pocket spending will be capped at $8,000. This cap will be further lowered to $2,000 in 2025.
If your income is limited, you may qualify for help with your Medicare costs. Contact your State Health Insurance Assistance Program, or SHIP, to see if you’re eligible.
Remember that you have opportunities to change your coverage in 2024.
>>Read full article
