The Centers for Medicare and Medicaid Services (CMS) have unveiled the anticipated changes in Medicare premiums for 2024, impacting various parts of the program.
These adjustments affect Medicare beneficiaries who rely on Parts A, B, and D. Additionally, there’s a notable change on the horizon for those receiving Social Security benefits.
Medicare Part A Cost Increases in 2024
Medicare Part A, which predominantly covers inpatient hospitals and related services, is set to experience cost increases in 2024. While the majority of Medicare beneficiaries are exempt from Part A premiums, various deductibles and coinsurance are seeing a hike:
Inpatient hospital deductible: An increase of $32.
Daily hospital coinsurance for days 61 through 90: Up by $8.
Daily hospital coinsurance for lifetime reserve days: A $16 rise.
Skilled nursing facility daily coinsurance (days 21 through 100): An additional $4.
The increase in Part A costs underlines the importance of staying informed about the changes in Medicare expenses.
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Medicare Part B Premiums Rise with Alzheimer’s Drug
Medicare Part B, which covers physician services and outpatient hospital services, is also undergoing a shift due to the introduction of a new Alzheimer’s treatment, Leqembi, brought to the market by Eisai and Biogen.
As a result, Part B premiums will rise from the current $164.90 to $174.70 in 2024, amounting to nearly a $10 monthly increase. Leqembi is intended for those in the early stages of Alzheimer’s disease, and its introduction will have implications for Medicare beneficiaries.
For those enrolled in Medicare Part D, which helps with prescription drug costs, the news is more positive. The average total monthly Part D premium is expected to decrease slightly from $56.49 in 2023 to $55.50 in 2024, a result of premium stabilization efforts from the Inflation Reduction Act of 2022.
This legislation aims to limit premium increases for Part D enrollees, introducing an improved Basic Part D benefit. It will cap annual out-of-pocket costs, reduce cost-sharing for covered insulin products, and eliminate cost-sharing for recommended adult vaccines in 2024.
However, it’s essential to note that income-related adjustments to monthly premiums will be applied, with variations ranging from $12.90 per month to $81 per month, depending on salary.
Individuals earning $103,000 or less will not experience any premium changes, while those with higher incomes will see adjustments based on their earnings.
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