Navigating Medicare Costs in 2024: Premiums on the Rise – What You Need to Know

Medicare Costs in 2024: Brace Yourselves for Rising Premiums – Hey there, folks! Time to talk about some changes coming down the pike for Medicare in 2024. The Centers for Medicare and Medicaid Services (CMS) have spilled the beans on what’s in store, and it’s not all sunshine and rainbows.

Shake-up in Medicare Part A

First things first, we’ve got Medicare Part A, the one that takes care of your inpatient hospital needs. For most Medicare beneficiaries, Part A premiums are a non-issue, but there are some other costs that are taking a hike in 2024:

  • The inpatient hospital deductible will shoot up by $32.
  • If you find yourself in the hospital for days 61 through 90, you’ll be forking over an extra $8 for daily hospital coinsurance.
  • Lifetime reserve days? That’s going up by $16.
  • And if you’re in a skilled nursing facility from days 21 through 100, well, you guessed it, there’s an additional $4 coming out of your pocket.

That’s the deal with Part A. So, it’s all about keeping an eye on these changes, folks.

Navigating Medicare Costs in 2024_ Premiums on the Rise – What You Need to Know

Part B Takes a Hit

Medicare Part B is also in for a bit of a rollercoaster ride. You can thank a new Alzheimer’s treatment called Leqembi for that. It’s been brought to the market by Eisai and Biogen, and it’s shaking things up.

With the introduction of Leqembi, Part B premiums are going up from the current $164.90 to $174.70 in 2024. That’s nearly a $10 monthly bump. Leqembi is aimed at folks in the early stages of Alzheimer’s disease, and it’s going to have its say in how much you’re paying for Part B.

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Some Good News for Part D

Now, for those of you in Medicare Part D, which helps with prescription drug costs, there’s a bit of a silver lining. The average total monthly Part D premium is set to drop a smidge, from $56.49 in 2023 to $55.50 in 2024. How come? Well, it’s thanks to the Inflation Reduction Act of 2022 doing its thing.

This act is all about limiting those premium hikes for Part D enrollees. It’s giving us an improved Basic Part D benefit, capping annual out-of-pocket costs, lowering the cost-sharing on covered insulin products, and waving goodbye to cost-sharing on recommended adult vaccines in 2024.

But, and there’s always a ‘but,’ keep in mind that there will be some income-related adjustments to those monthly premiums. Depending on your salary, you might see variations ranging from $12.90 per month to a heftier $81 per month.

Folks earning $103,000 or less will dodge the premium changes, but if you’re making more than that, well, your wallet’s going to feel it.

So, there you have it – the lowdown on what to expect in 2024 for your Medicare costs. Brace yourselves and stay informed, because changes are on the horizon.

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