{"id":8220,"date":"2024-11-20T09:24:05","date_gmt":"2024-11-20T09:24:05","guid":{"rendered":"https:\/\/finderica.com\/8-medicare-changes-that-can-impact-your-health-care-in-2024\/"},"modified":"2024-11-20T09:24:05","modified_gmt":"2024-11-20T09:24:05","slug":"8-medicare-changes-that-can-impact-your-health-care-in-2024","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=8220","title":{"rendered":"8 Medicare Changes that Can Impact Your Health Care in 2024"},"content":{"rendered":"\n
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\"ScoreCard<\/p>\n

\ufeff<\/span>A new year means new changes to your Medicare coverage.<\/p>\n

On the one hand, in 2024, you can expect to see higher premiums and deductibles on Part B plans and fixed copays for Part D Extra Help enrollees. On the other hand, Extra Help enrollees won\u2019t have to pay partial premiums anymore, and everyone will enjoy caps on their out-of-pocket costs for Part D prescriptions. There are also a few areas of expanded coverage, like chronic pain, mental healthcare, and compression treatment.<\/p>\n

Let\u2019s get into it.\n<\/p>\n

8 Medicare Changes to Expect in 2024<\/h2>\n

1. Part B premiums are going up in 2024.<\/strong><\/h3>\n

This isn\u2019t incredibly surprising. Most years, Medicare premiums go up. Last year, they went down for the first time in over a decade. It was a correction for the incredible 14% increase in Part B premiums we saw in 2022 \u2013 that year Part B premiums jumped up from $148.50 to $170.10. The increase was attributed to a new Alzheimer\u2019s drug that didn\u2019t end up having nearly as much demand as the government was anticipating.<\/p>\n

Last year\u2019s correction brought standard Part B premiums down to $164.90. But for 2024, they\u2019re back up to $174.70.<\/p>\n

\n\t\t\t\t\t\tPart B annual deductibles are going up, too, from $226 to $240.\u00a0<\/p>\n
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<\/span><\/div>\n

2. Out-of-pocket costs will be capped for Part D enrollees.\u00a0<\/strong><\/h3>\n

Right now, you have to pay 5% coinsurance for your drugs with Part D coverage when you\u2019re in the catastrophic category. In 2024, that requirement will be removed.<\/p>\n

Instead, drug expenses will be capped at $8,000 per year, with no copays if you reach the catastrophic level. That $8,000 cap includes the value of any discounts that have been issued by the drug manufacturer. So in practice, Part D recipients will see out-of-pocket costs max out somewhere around $3,100 \u2013 $3,300 if you\u2019re taking name-brand prescriptions. This is a big deal \u2013 it can result in savings of thousands to even ten thousand dollars for some enrollees.<\/p>\n

If you\u2019re on the right types of medication and qualify for the low-income subsidy program, contributions from the Extra Help program will count towards the $8,000 cap, too.<\/p>\n

\n\t\t\t\t\t\tIn 2025, this will drop to a firm cap of $2,000 out-of-pocket spending on the part of the enrollee. So things are only going to get better in the near-term!\u00a0
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3. The Extra Help program is about to be 100% premium free.\u00a0<\/strong><\/h3>\n

In 2024, the low-income subsidy program (or Extra Help program<\/a>) gets even better. Right now, if you qualify, there\u2019s the potential that you could only qualify for partial assistance. But from 2024 onward, if you qualify for Extra Help at all you\u2019ll be on the free program. Period. No premiums. No deductibles. And fixed low co-pays for certain medications.<\/p>\n

To qualify for Extra Help in 2024, you have to make under 150% of the federal poverty line (FPL). For this enrollment period, 150% of the FPL is $21,870 for an individual or $29,580 for a married couple. There\u2019s also an asset test, but it doesn\u2019t count certain things like your housing or up to $15,000 you have saved for burial expenses. After the allowable assets, the max extra you can have is $16,600 for an individual or $33,240 for married couples.<\/p>\n

\n\t\t\t\t\t\tYou\u2019re not reading that wrong \u2013 the income numbers for single people don\u2019t double for married couples. That\u2019s something known as a marriage penalty.
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4. Fixed copays are going up by less than $1 for Extra Help enrollees.\u00a0<\/strong><\/h3>\n

While you will score those fixed copays as an Extra Help enrollee, those co-pays are going up a little in 2024. Not by too much \u2013 less than $1 per prescription. Here\u2019s how the numbers will change:<\/p>\n

\n

Fixed Copays <\/p>\n

\n\n\n\n\n\n\n\n
Year<\/th>\nCopay on generic drugs<\/th>\nCopay on brand name<\/th>\n<\/tr>\n<\/thead>\n
2023<\/td>\nNo more than $4.15<\/td>\nNo more than $10.35<\/td>\n<\/tr>\n
2024<\/td>\nNo more than $4.50<\/td>\nNo more than $11.20<\/td>\n<\/tr>\n
Price difference per Rx<\/td>\n$0.35<\/td>\n$0.85<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

5. Have chronic pain? It\u2019s now covered under Part B.\u00a0<\/strong><\/h3>\n

If you\u2019ve been having\u00a0chronic pain for at least three months, Medicare will now cover pain assessment, medication management, and care coordination. You\u2019re still going to have to pay your Part B deductible and coinsurance, but it\u2019s a big deal that it\u2019s getting covered at all. It\u2019s especially good news in light of long COVID.<\/p>\n

6. Mental health coverage expands in 2024.\u00a0<\/strong><\/h3>\n

Currently you can get outpatient mental health care through Medicare, including accessing professionals like psychiatrists, clinical psychologists, clinical nurse specialists, clinical social workers, nurse practitioners, or physician assistants. In 2024, that list expands to include mental health counselors, marriage counselors and family counselors.<\/p>\n

Medicare will also start covering intensive inpatient mental health services like you might find inside a hospital, community mental health center or a rural health clinic. If that sounds too intense for you, but you also need more care than meeting with a therapist for an hour a week, Medicare will newly cover partial hospitalization<\/a>, too, which operates more like a day program \u2013 but you still get to go home and sleep in your own bed every night.<\/p>\n

Depending on where you\u2019re getting services, you typically pay 20% of the Medicare-approved cost of the mental health services, and your Part B deductible still applies.<\/p>\n

7. Compression treatment covered for lymphedema patients in 2024.<\/strong><\/h3>\n

Lymphedema is when you have so much lymph fluid built up in your body that it causes swelling. Compression treatments can help, and they\u2019ll be covered starting on January 1, 2024. Once again, you\u2019ll take on 20% of the cost and factor it into your Part B deductible.<\/p>\n

8. The last year to get telehealth services is 2024.<\/strong><\/h3>\n

This will be the last year you can get telehealth covered through Medicare under all circumstances (albeit while shouldering 20% of the costs and in consideration of your Part B deductible.) After December 31, 2024, you\u2019ll only be able to get these services covered if you\u2019re in a rural area or if you need any of the following services \u2013 regardless of where you live:<\/p>\n