In 2024, Medicare improves to give you greater access to health treatments.
These are some of the changes you may encounter next year, one of the most important is that the %5 coinsurance for Part D catastrophic coverage will be eliminated, there will also be a new limit of $8,000 on Part costs D among other benefits.
The inflation reduction law is causing drug costs to drop and LIS 2024 (LIS Low Income Subsidy Program) increases its coverage for 300,000 people as well as eliminating the partial LIS program and expanding the full LIS program.
Another benefit is $0 for Part D premiums and deductibles if they are between 135% and 150% of the federal poverty limit.
During 2024 you will not pay a deductible for hospital coverage during the first 20 days of each benefit period, and an increase in the base Medicare PART B premium will also be projected.
In 2024, Part B premiums are projected to increase approximately $10/month compared to 2023.
The Deductible Phase will be eliminated. Now, your Part D plan will pay for your medications right away; your “orange phase” in the chart costs you $0.
Catastrophic Coverage will also be eliminated in 2024 and you will no longer pay 5% of the cost of medications.
For next year there will be a $9.80 increase in the standard monthly premium for Medicare Part B enrollees. By 2024, the standard premium for immunosuppressive medications will be $103.00.
The Medicare Part A inpatient hospital deductible that beneficiaries pay if they are admitted to the hospital will increase by $32 from 2023.
In 2024, beneficiaries must pay a coinsurance amount slightly higher than in 2023 during the hospital stay and for lifetime reserve days. Beneficiaries in skilled nursing facilities will also see a slight increase in daily coinsurance for extended care services in a benefit period.
The hospital deductible for inpatients will increase by $32 in 2024 and the daily hospital coinsurance between days 61 and 90 will increase by $8, likewise the daily hospital coinsurance between days 61 and 90 will increase by $16 and a daily skilled nursing facility Coinsurance between days 21 and 100 will increase by $4.
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“We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.”