2024 Medicare Changes

​It’s time for our annual Medicare update where we outline the changes to Medicare for 2024. But before we get into 2024 fees and deductibles, here is a reminder of a couple of major changes in 2023….
 
The new Prescription drug law that went into effect Jan. 2023 improved access to many drugs and made those such as insulin much more affordable. Also, individuals whose full Medicare coverage ended 36 months after a kidney transplant and who do not have certain other types of insurance coverage can elect to continue Part B coverage of immunosuppressive drugs by paying a premium.
 
For 2024, the standard immunosuppressive drug premium is $103.00.
 
This was and still is great news for people with ESRD (end stage renal disease)!
 
Now on to the never ending changes in premiums and deductibles for Medicare enrollees…

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​Part A Medicare (Hospital and Skilled Nursing Facilities)
 
Most people don’t pay a Part A premium because they paid Medicare taxes while working.
 
However, if you don’t get premium-free Part A, you pay up to $505 each month (this premium is based on your work/income history).
 
**REMEMBER: If you don’t buy Part A when you’re first eligible for Medicare (usually when you turn 65), you might pay a penalty! **
 
Hospital stay In 2024, you pay: • $1,632 deductible per benefit period • $0 for the first 60 days of each benefit period • $408 per day for days 61–90 of each benefit period • $816 per “lifetime reserve day” after day 90 of each benefit period (up to a maximum of 60 days over your lifetime). THEN you pay 100% of all medical expenses!
 
Unless you have a Medicare Supplement and a Part D. drug plan.
 
**REMEMBER: If you do not get a Part D drug plan when eligible you may pay a lifetime penalty when you decide to enroll. **
 
Skilled Nursing Facility stay In 2024, you pay: • $0 for the first 20 days of each benefit period • $204 per day for days 21–100 of each benefit period • All costs for each day after day 100 of the benefit period.
 
Medicare Part B (Medical Insurance)
 
Medicare Part B premium increased by $9.80 in 2024 and is now $174.70. The annual Medicare Part B deductible (YOUR portion before Original Medicare starts to pay) increased by $14 and is now $240.
 
Most people pay the standard Part B monthly premium amount; however, Social Security will tell you the exact amount you’ll pay for Part B.
 
BEWARE of healthcare providers trying to convince you to go back to Original Medicare only. Know that if you are or were on a Medicare Advantage Plan and you go back to Original Medicare you could be ineligible for a Medicare Supplement which makes YOU responsible for all Medicare deductibles and copay and once Medicare runs out, your entire medical bills. ALSO, if you are on a Medicare Advantage plan and decide to go back to Original Medicare, you MUST get a Part D drug plan!
 
Medicare OEP (where enrollees can make a 1 time change to their Medicare Advantage plan) is going on now through March 31st.
 
BEWARE of people calling you from “Medicare” to discuss your Medicare Insurance plans.
 
This is a SCAM!
 
Medicare will not call you and these people who convince you to switch, and sometimes switch you without you even realizing what’s happening, do NOT know or even care about your individual circumstances. They have no clue of the networks in place in Calcasieu Parish (or any other) and they do not care if they are hurting you in the long run.
 
They are simply making a sale.
 
This is why it is important to have a seasoned, experienced, knowledgeable, local Medicare agent.
 
New to Medicare? Check out our FAQ’s.
 
Looking for an agent? Give Connie a call at: 337-310-2253
 
**Penalties may not apply if you are, or have been, covered by group health insurance through your employer**
 
For more information…
 
Visit Medicare.gov/coverage to get more detailed Medicare cost information by service.
 
Visit Medicare.gov/basics/costs/medicare-costs/avoid-penalties to learn how Medicare calculates late enrollment penalties. • Call 1-800-MEDICARE (1-800-633-4227). TTY users can call 1-877-486-2048 ….
 
OR Better Yet, give our seasoned, experienced, knowledgeable, local Medicare agent a call.

Until next time take care and remember, Your Medicare number is important so be careful not to let it get into the wrong hands!

Tommy Curtis and Staff

Disclaimers:

ALL material on this blog is available for informational purposes only.
 
Life, Health and Medicare Products marketed through Curtis & Associates Financial Services, Inc. {A Life and Health Agency}
 
Medicare has neither endorsed nor reviewed this information.
Not connected or affiliated with any United States Government or State agency.
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*By contacting us and providing information, you agree that an authorized representative or licensed insurance agent may contact you by phone, e-mail or mail to answer your questions and provide additional information about Medicare Advantage, Part D or Medicare Supplement Insurance plans.
 
Article © 2024 Pamela S Thibodeaux