2024 Medicare Changes: Navigating New Costs, Savings, and Expanded Benefits

Part A Deductible Increase

The Part A deductible for hospital admissions will rise to $1,632 in 2024, a $32 increase from 2023​​.

Part B Premium and Deductible Increase

The standard monthly premium for Part B will be $174.70, up $9.80 from 2023, with an annual deductible of $240, a $14 increase​

Cost-Sharing Adjustments

Changes include increased cost-sharing for Parts A and B, with flat or slightly lower Part A premiums and adjustments to income-related premium surcharges for Parts B and D​​.

More Savings on Drug Costs for Limited Resources

People with limited resources will qualify for more savings on Medicare drug costs (Part D) starting January 1, 2024​​.

Elimination of Part D Coinsurance

In the catastrophic phase of Part D, the 5% coinsurance requirement will be removed in 2024​​.

Medicare Advantage Plan Premiums

The average monthly premium for all Medicare Advantage plans is projected to change from $17.86 in 2023 to $18.50 in 2024​​.

Expansion of Prescription Drug Savings

2024 will bring expanded Medicare benefits, including prescription drug savings​​.

New Services and Supplies Covered

Starting January 1, 2024, Medicare will cover several new services and supplies to help beneficiaries stay healthy​​.

Average Star Rating for Medicare Advantage Plans

In 2024, the average star rating for Medicare Advantage plans is 4.04 stars, down from 4.14 stars in 2023, with about 42% of plans receiving a rating of 4 stars or higher​​.

Increased Eligibility for Extra Help

Due to the Inflation Reduction Act, more people will be eligible for full benefits under the Extra Help program, with expanded eligibility to those with income and resources up to 150% of the federal poverty level​​.