Medicare up to the minute — 2024

The new year is underway. Check out these Medicare reminders.

Read time: 3 minutes

Attention, Medicare beneficiaries:

The standard monthly premium for Medicare Part B enrollees is $174.70 for 2024, an increase of $9.80 from 2023.
The annual deductible for all Medicare Part B beneficiaries is $240 in 2024, an increase of $14 from 2023.
The Medicare Part A inpatient hospital deductible beneficiaries pay if admitted to the hospital is $1,632 in 2024, an increase of $32 from 2023.
The Social Security cost-of-living adjustment (COLA) increase of 3.2% for 2024 means the average monthly retirement benefit will go up by more than $50 per month starting in January.

What’s new in 2024?

Make sure you’re up to date with any new coverages to your Medicare benefits. For your convenience, we’re including the list of “What’s new & important?” from page 2 of the “Medicare & You 2024” handbook:

“Saving money on your prescription drugs”

Starting January 1, 2024, if you have Medicare drug coverage (Part D) and your drug costs are high enough to reach the catastrophic coverage phase, you don’t have to pay a copayment or coinsurance.
Extra Help — a program that helps cover your Part D drug costs — will expand to cover more drug costs for certain people with limited resources and income.
Coinsurance amounts for some Part B-covered drugs may be less if a prescription drug’s price increased higher than the rate of inflation.

“Lower costs for insulin and vaccines”

Your Medicare drug plan can’t charge you more than $35 for a one-month supply of each insulin product Part D covers, and you don’t have to pay a deductible for it.
If you take insulin through a traditional pump that’s covered under Medicare’s durable medical equipment benefit, that insulin is covered under Medicare Part B. You won’t pay more than $35 for a month’s supply and the Medicare deductible no longer applies.
Recommended adult vaccines are also now available at no cost to you.

“Changes to telehealth coverage”

You can still get telehealth services at any location in the U.S., including your home, until the end of 2024. After that, you must be in an office or medical facility located in a rural area to get most telehealth services. (There are some exceptions, like for mental health services.)

Older man and woman sitting on a couch looking at papers

“Managing and treating chronic pain”

Medicare now covers monthly services to treat chronic pain if you’ve been living with it for more than 3 months.

“Better mental health care”

Starting January 1, 2024, Medicare will cover intensive outpatient program services provided by hospitals, community mental health centers, and other locations if you need mental health care.

“More times to sign up for Medicare”

If you recently lost (or will soon lose) Medicaid, you may be able to sign up for Medicare or change your current Medicare coverage. There are other special situations that allow you to sign up for Medicare.

“COVID-19 care”

Medicare continues to cover the COVID-19 vaccine, and several tests and treatments to keep you and others safe.

See page 2 of the “Medicare & You 2024” handbook for the page numbers to more information for each of these items.

Is this covered?

To learn if Medicare covers your test, item or service, check out this list to see what’s covered no matter where you live. If your item, service or test isn’t listed, talk with your doctor.

Attention, Medicare Advantage enrollees:

The Medicare Advantage open enrollment is going on now through March 31.

If you’re enrolled in a Medicare Advantage Plan, now’s the time you can switch to a different Medicare Advantage Plan or switch to traditional Medicare (and join a separate Medicare drug plan). Note: You can only switch plans once during this time.

This period applies only to Medicare Advantage enrollees.