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Medicare Part B costs 2024

For many people the updated Medicare Part B costs 2024 is important information to have.  Although, most people do not think about the cost of Medicare Part A because most Medicare beneficiaries receive their Part A benefit for free.  As long as they have worked for at least 40 quarters in a Medicare covered job as decided by the department of Social Security. The premium payment for Medicare Part B is quite different than Part A due to the fact that most people do have to pay for Part B coverage.

What’s is Medicare Part A & Part B:

Part A

Part B

2024 Part B costs:

In 2024, the premium for Part B will increase from $164.90 monthly to $174.70.  This is an increase in cost of $9.80 per month.  The annual  medical deductible for Part B will also increase in 2024.  It will go from $226 in 2023 up to $240 in 2024.  This is a price increase of $14.

Click here to learn more about Medicare premiums and deductibles

It is important for beneficiaries to stay up to date with all the changes in their Medicare coverage as well as costs.  Having all the facts gives beneficiaries the opportunity to plan their healthcare expenses more effectively.

Here are the costs associated with Part B

1. The premium is the first cost you need to be aware of.  As we stated above; the monthly premium for Medicare Part B will increase to $174.70.  This is an additional cost of $9.80 per month from 2023.
2. More costs associated with Part B include; deductibles and co-insurance.  For 2024 the deductible will increase to $240 in 2024.  This is up from $226 in 2023. Once your deductible is met, you are left to pay about 20% of any Medicare  Part B approved expenses.
3. If you do not sign up for Part B on time, you may be stuck with a LEP (late enrollment penalty).  Make sure you know when to sign up for Medicare Part B and be aware of any special enrollment periods in order to keep from paying a penalty. Learn more about late enrollment penalties.
4. Individuals with high incomes may be subject to an IRMAA.  If this is the case for you, you may pay a higher Part B monthly premium than other individuals.

Click here to watch our YouTube video on Medicare Part B IRMA and IEP, SEP rules

How to save on Medicare Part B costs:

There are many programs available to provide help to beneficiaries pay their Medicare costs. Programs such as; Medicare Savings Programs, Extra Help for Medicare Prescription Drug Plans as well as state programs that provide payment assistance for Medicare premiums, deductibles, and coinsurance.

It is a good idea to contact a licensed Medicare agent for advice with enrollment in a Medicare plan. This can provide you with all the information you need to make the right coverage choices that fit your personal needs.

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Enhancements to Medicare Advantage for 2024

CMS is constantly looking at the regulations that govern the sale, provision, and use of Medicare and Medicaid. They examine the experiences of the insurers that are contracted by the government to provide the insurance plans.  Additionally, they examine the experiences of the beneficiaries who purchase them. Any amendments they choose to make are intended to take effect the following year. In 2023, CMS looked at the rules surrounding Medicare Advantage in particular.  What changes are planned for Medicare Advantage 2024?

CMS Final Rule

The CMS issued a final proposal on April 5th of 2023 for the enhancement of Medicare Advantage. They did not address the comments that the public had given on the proposed amendments.   However,  did say that they plan to address them at a later, more appropriate date. The amendments proposed have to do with prior authorization and how that affects beneficiaries’ access to healthcare. Previously, prior authorization meant that beneficiaries who had Medicare Advantage health insurance plans had to essentially request permission before receiving care. That indirectly means that beneficiaries could be denied care. (Traditional Medicare does not require prior authorization.) There were concerns that Medicare Advantage customers were not receiving the same quality of care as Original or Traditional Medicare beneficiaries because of these rules.

Changes to Medicare Advantage 2024

This is about to change, however, as the new rules proposed by CMS are designed to make sure that Medicare Advantage customers have the same access to necessary tests, scans, prescriptions, and procedures that their counterparts in Original Medicare to. The American Medical Association says that the new rules have, “taken important steps towards rightsizing the prior authorization process.” UnitedHealthcare, which is just one of the insurers with Medicare Advantage plans, says it plans to reduce their number of denials of care by nearly three million a year.

CMS’ new rule requires that prior authorization policies may only be used to confirm the presence of a diagnosis.  This ensures that the treatment is medically necessary. CMS is also requiring that all Medicare Advantage plans develop committees to ensure that denials and approvals are working effectively to get beneficiaries the care they need within the new guidelines. Finally, the new rules require that a prior authorization approval is effective for the entire course of treatment as long as medically reasonable and necessary to avoid disruptions in care.

All together, beneficiaries and insurers alike hope that these new regulations will help ensure that Medicare Advantage plans provide equitable access to care moving forward.

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