 Per this article from CNN.com, the Centers for Medicare and Medicaid Services announced that the standard monthly premium for Medicare Part B will increase by $9.80 to $174.70 in 2024, up from $164.90 in 2023. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the annual deductible of $226 in 2023. The increase is mainly due to projected increases in health care spending and payments that the agency has proposed making to hospitals that typically serve larger shares of disadvantaged patients. Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A. Offset from Social SecurityThe good news is that In October 2023, the Social Security Administration announced that Social Security recipients will receive a 3.2% cost-of-living adjustment (COLA) for 2024. While this is significantly lower than the inflation-fueled boosts of the past two years, this monthly increase of $59 on average, will increase estimated monthly benefits to $1,907, to help retirees offset the aforementioned Medicare premium increase. NOTE: These Social Security monthly benefit amounts are before Medicare premiums are automatically deducted. Medicare premiums have fluctuated in recent years. In 2022, the standard monthly premium spiked by 14.5% to $170.10 due to a projected jump in spending caused by a costly new drug for Alzheimer’s disease named Aduhelm. However, the manufacturer then cut the price, and CMS limited coverage of the drug. As a result, the standard monthly premiums decreased by $5.20 to $164.90 for this year, marking the first year-over-year drop in more than a decade. One more positive note, the Medicare Extra Help Program is expanding in 2024. where some Medicare recipients will be moved from partial to full coverage for certain prescription costs. Get a complimentary consultationNeed help navigating the complexities of elder care insurance in 2024? Connect with Ted Czabanowksi for a complimentary consultation.
Comments are closed.
|
RSS Feed