What's new for 2024?

The most noteworthy changes in Medicare for this year are in prescription coverage, Part D:

  • There is now a single income and resource limit for Extra Help (aka Low-Income Subsidy), a Federal Program to help cover out-of-pocket costs for drug coverage. Previously there were separate limits for full and partial coverage. The current income limits are $1,883 (single) and $2,555 (married)/mo., and limits for resources of $17,220 (single) and $34,360 (married). Copayments for those who qualify are $4.50 for generics and $11.20 for brand name drugs covered by your Part D plan.  If you were eligible for partial coverage in 2023, you have full coverage in 2024.
  • If you reach the Catastrophic Coverage phase ($8,000 in out-of-pocket costs for covered drugs) you will pay nothing for your covered drugs.  Previously, you would have paid 5%.

Other costs for 2024:

  • Part A deductible per benefit period $1,632 (In 2023: $1,600).
  • Maximum Part A premium for those with less than 40 quarters of Medicare-covered employment $505/month (In 2023: $506/month).
  • Part B monthly premium is $174.70 for those with annual income below $103,000 if single, or $206,000 if married (In 2023: $164.90 for income below $97,000 if single or $194,000 if married). Above these limits, Income Related Monthly Adjustment Amounts are applied to the basic Part B premium and Part D plan premium.
  • Part B annual deductible $240 (In 2023: $226).
  • Maximum Part D annual deductible $545 (In 2023: $505).
  • Maximum out-of-pocket limit for a Medicare Advantage Plan $8,550 (In 2023: $8,300).

Things to remember:

  • Copays for all insulin products covered by your Part D plan or that are covered under Part B are limited to $35/month.
  • No copays or deductibles for vaccines that are covered by your Part D plan.
  • COVID-19 vaccines and boosters are covered with no cost-sharing regardless of whether you have Original Medicare or a Medicare Advantage Plan.

PA MEDI counselors are trained and available to provide FREE, personalized, unbiased counseling.   If you have questions about your current Medicare coverage or are new to Medicare, counselors are available to help you.  Please call your local senior center to schedule an appointment or leave a message on our Helpline 610-344-5004, option 2, to speak to a counselor. Calls will be answered within 1 business day.

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1. What is Medicare's Annual Open Enrollment Period?
2. How and when do I enroll in Medicare?
3. How does Medicare work with employer based insurance?
4. Am I covered by Medicare if my spouse or I is employed?
5. When can I switch my Medicare plan?
6. Does Medicare Cover COVID-19 Costs?
7. Do I need Medicare Part D?
8. Does Medicare cover vaccines?
9. What if one or more of my drugs is no longer covered by my Medicare drug plan?
10. What happens if you lose your Employer Group Health Plan when you are eligible for Medicare?
11. What's new for 2024?
12. When are the Medicare General Enrollment Period and the Medicare Advantage Open Enrollment Period?
13. How do I avoid Medicare scams?
14. What are 5-Star plans and when can I enroll?
15. How can I get help paying for Medicare Part B and Part D?
16. What are the different parts of Medicare?
17. How do I update my contact information if I'm moving?
18. Can I change my Medicare Advantage or Medicare Prescription Drug Plan anytime?
19. How do I create a Medicare account?
20. What are the benefits of the Inflation Reduction Act (IRA) of 2022 for Medicare beneficiaries?