The Medicare Premiums for 2024 have been announced, and we'll explain the key changes.
The Social Security Administration annually evaluates Medicare costs, which can lead to changes in premiums and deductibles.
Most beneficiaries won't have Part A premiums, but costs are going up. Key increases include inpatient hospital deductibles, hospital coinsurance, and skilled nursing facility coinsurance.
Due to a new Alzheimer's treatment, Part B costs will increase from $164.90 to $174.70 monthly in 2024.
Learn about Leqembi, a new Alzheimer's treatment available for those in the early stages of the disease.
Though not a significant change, the average monthly Part D premium is expected to decrease in 2024, with improvements such as capping out-of-pocket costs.
Some may face income-related adjustments in Part D premiums, ranging from $12.90 to $81 per month if your salary exceeds $103,000.
Understand what each Medicare Part covers - Part A for hospital and home health care, Part B for physician services, Part C for Medicare Advantage, and Part D for prescription drugs.
We've simplified complex Medicare changes into 10 easy-to-grasp points.
Keep an eye on these changes to make the most of your Medicare coverage in 2024.