{"id":6113,"date":"2024-10-11T12:47:52","date_gmt":"2024-10-11T12:47:52","guid":{"rendered":"https:\/\/finderica.com\/3-ways-you-can-save-on-medicare-as-premiums-rise\/"},"modified":"2024-10-11T12:47:52","modified_gmt":"2024-10-11T12:47:52","slug":"3-ways-you-can-save-on-medicare-as-premiums-rise","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=6113","title":{"rendered":"3 Ways You Can Save on Medicare as Premiums Rise"},"content":{"rendered":"\n
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If you\u2019re on Medicare in 2024, the good news is that your coverage is expanding in meaningful ways. Your out-of-pocket costs for Part D medications could be going down, too.<\/p>\n

The bad news is we\u2019re back to premium increases after a rare premium reduction in 2023. The worse news is that the Social Security cost-of-living adjustment (COLA) doesn\u2019t keep pace with the premium increases \u2013 it doesn\u2019t even really keep pace with inflation in general.<\/p>\n

We have suggestions for how to soften the blow.\n<\/p>\n

Medicare Costs Are Rising in 2024<\/strong><\/h2>\n

The new Part B premium will cost beneficiaries $174.70 a month in 2024, up from $164.90 in 2023. This increase is more typical than the rate adjustments we\u2019ve seen over the past few years.<\/p>\n

In 2023, premiums actually went down because there was an Alzheimer\u2019s drug that wasn\u2019t as popular as the government thought it would be in 2022. Even if it\u2019s typical, no one likes to see their premiums go up.<\/p>\n

Medicare Part B is a foundational part of the federal insurance program, covering doctor visits, outpatient surgeries, medical equipment and more. Nearly 1 in 5 Americans could be impacted by the Medicare increase.<\/p>\n

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7 Ways to Make Money if You Hate People<\/h3>\n

Do you avoid people too? In the past, there was almost no way around working with people if you wanted to earn a living, but things have changed.<\/p>\n

Our team has compiled a list of creative ways<\/a> you can fatten your bank account this month, without having to put up with people.<\/p>\n

Enough small talk. Here are some ways<\/a> to earn extra cash, without all of the social stuff.<\/p>\n<\/div>\n<\/div>\n

In 2023, the nation\u2019s largest federal health care program covered 65.7 million people \u2013 both people ages 65 and older along with some younger people with long-term disabilities. That\u2019s 19.6% of the U.S. population.<\/p>\n

The Part B deductible \u2014 the cost enrollees pay out of pocket each year before Medicare starts paying its share \u2014 is also increasing by $14 in 2024.<\/p>\n

The Part A deductible will be higher, too. Medicare Part A primarily covers hospital stays and skilled nursing facilities.<\/p>\n

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2024 Medicare Costs at a Glance <\/p>\n

\n\n\n\n\n\n\n\n
Program<\/th>\nCost<\/th>\nUp from<\/th>\nIncrease<\/th>\n<\/tr>\n<\/thead>\n
Medicare Part B premium<\/td>\n$174.70 a month<\/td>\n$164.90 in 2023<\/td>\n$9.80 per month<\/td>\n<\/tr>\n
Medicare Part B deductible<\/td>\n$240 per year<\/td>\n$226 in 2023<\/td>\n$14 per year<\/td>\n<\/tr>\n
Medicare Part A deductible<\/td>\n$1,632 per year<\/td>\n$1,600 in 2023<\/td>\n$32 per year<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

<\/span>Why Are Medicare Costs Going Up in 2024?<\/h2>\n

Medicare costs go up nearly every year to adjust for inflation and new coverage items. Over the last 24 years<\/a>, premiums have only gone down twice: Once in 2012 and once in 2023. There have been a few years where costs stayed static, but year-over-year increases are the norm.<\/p>\n

The 2012 decrease can be attributed largely to the passage of the ACA (aka Obamacare) in 2010. The law encouraged an overall lowering of healthcare costs across the industry.<\/p>\n

For Medicare recipients, that manifested in lower physician and outpatient costs, which were significant enough for Part B premiums to sink by $15.50. They didn\u2019t reach pre-ACA levels again until 2017.<\/p>\n

In 2022, the government was predicting outsized demand for a new Alzheimer\u2019s drug. The projections were so large that Part B premiums went up by a whopping $21.60. The drug was a bit of a let down in terms of performance and demand. Because costs were so much less than the government was expecting, premiums went down by $5.20 in 2023. This year, they went up by $9.80.<\/p>\n

<\/span>2024 Medicare Changes That Could Save You Money<\/h2>\n

While premiums and deductibles are going up, there are other changes to Medicare in 2024 that could potentially save you money. Here are the programs and benefits to keep an eye on:<\/p>\n