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CMS Medicare Updates for 2024
The Centers for Medicare & Medicaid Services (CMS) has announced the 2024 premiums, deductibles, and coinsurance amounts for Medicare Part A and Part B, and the 2024 Medicare Part D income-related monthly adjustment amounts for Medicare enrollees. Let’s look at some of the updates.
Medicare Part B offers coverage for physicians’ services, outpatient hospital services, specific home health services, durable medical equipment (DME), and other specific medical and health services that Medicare Part A does not cover. In 2024, Medicare Part B beneficiaries will see an increase of $9.80 in their standard monthly premium. The total payment will be $174.70.
Medicare Part A covers inpatient hospital visits, inpatient rehabilitation, skilled nursing facility care, hospice care, and certain home health care services. In 2024, if Medicare Part A enrollees get admitted to a hospital, their inpatient hospital deductible will increase by $32 for a total of $1,632. This deductible covers a beneficiary’s share of costs for the first 60 days of Medicare-covered inpatient hospital care in a benefit period. Next year, beginning on the 61st through the 90th day of hospitalization in a benefit period, a beneficiary’s coinsurance payment will increase by $8 per day to $408 per day. There will also be an increase of $16 per day for lifetime reserve days. The total payment for each of those days will be $816.
Beneficiaries with fewer than 40 quarters of Medicare-covered employment, as determined by the Social Security Administration, and certain people with disabilities pay a premium for voluntarily enrolling in Medicare Part A. If you have at least 30 quarters or are married to a person with qualifying quarters, you will pay a Part A premium of $278 in 2024, the same amount in 2023. Individuals with less than 30 quarters will pay the Part A premium of $505 monthly in 2024, one dollar less than in 2023.
Medicare Part D enrollees pay a monthly premium based on his or her income, and some of these individuals will see an increase ranging from $12.90 to $81.00. Those enrollees who file individual tax returns with modified adjusted gross income less than or equal to $103,000 will not have their premium payments increased. The same applies to enrollees who file joint tax returns with modified adjusted gross income less than or equal to $206,000.
Do you want to read the complete list of CMS 2024 Medicare updates? If so, please click here.
More Medicare Updates
There are additional benefits for Medicare beneficiaries in 2024. In the new year, Medicare Part D enrollees who have drug costs that are high enough to meet the catastrophic coverage phase will not have to pay a copayment or coinsurance. Medicare’s Extra Help program will expand to cover more drug costs for certain people with limited income and resources.
If you have been living with chronic pain for over three months, Medicare will begin covering monthly chronic pain treatments in 2024. Also, starting next year, Medicare will cover intensive outpatient program services provided by hospitals, community mental health centers, and other locations if you require mental health care. Also, through the end of 2024, telehealth services will continue to be available from your home or any location in the country. Beyond 2024, Medicare beneficiaries must be in a rural area’s office or medical facility to receive telehealth services. Some exceptions apply, including specific health conditions and mental health services. Please see page 51 of the 2024 Medicare and You handbook for details.
Did you recently lose Medicaid? Are you now eligible for Medicare but did not sign up when you first became eligible? You may be able to enroll in Part A and Part B without paying a late enrollment penalty. Additionally, if you already have Medicare but lost Medicaid coverage, you may also have options in coverage selection.
Do you have questions about losing Medicaid coverage or have questions about Medicare? Please call us at (888)-446-9157 to speak with one of our friendly licensed agents about conducting a no-cost Medicare review.
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