Crucial Medicare 2024 Update

Medicare is a federal health insurance program but that doesn’t mean that there aren’t constant changes. See medicare info below to check out what’s changed.

With each passing year, Medicare undergoes adjustments, and 2024 is no exception. One of the most significant changes is the increase in premiums and deductibles for Medicare Part B. Beneficiaries should also be aware of the expanded coverage for telehealth services, which became increasingly important during the pandemic and has now been made more accessible under Medicare. Additionally, there are adjustments to income-related monthly adjustment amounts (IRMAA), which could affect the premiums for higher-income beneficiaries.

Medicare Advantage Plans: Expanded Options and Benefits

Medicare Advantage (Part C) plans continue to evolve, offering more benefits and flexibility than ever before. In 2024, beneficiaries will see a broader range of options, including plans with lower out-of-pocket costs and enhanced benefits such as vision, dental, and hearing coverage. Some plans even offer additional wellness benefits, like gym memberships or transportation to medical appointments. It’s crucial to compare plans carefully during the open enrollment period to find the best fit for your healthcare needs.

Prescription Drug Coverage: What You Need to Know

Part D, the prescription drug coverage aspect of Medicare, has seen some important changes as well. Notably, the Inflation Reduction Act has brought in provisions that cap out-of-pocket costs for insulin and other prescription medications for those enrolled in Part D. Additionally, there’s a new annual out-of-pocket maximum for Part D enrollees, which will provide much-needed financial relief for those with high medication costs. These changes aim to make prescription drugs more affordable for all Medicare beneficiaries.