Key Updates Coming to Medicare in 2024

Did you know there are some changes on the horizon for Medicare? If you’re an older adult who’s on Medicare, then you’ll want to stick around for this article. Grab a pen and paper and get ready to take some notes. Here are the key updates coming to Medicare in 2024.

1. Say goodbye to the 5% coinsurance in the Catastrophic Phase of Part D!

In 2024, Medicare enrollees with Low Income Subsidy (LIS) won’t have to pay 5% coinsurance on their prescription drugs in the Catastrophic Phase of Part D. Once enrollees have reached their out-of-pocket spending limit, they will pay nothing for their prescription drugs. The catastrophic threshold will be set to $8,000 in 2024. This means that Part D enrollees will only spend about $3,300 in out-of-pocket costs. In other words, you won’t have to pay any additional costs for brand-name medications!

2. The Part D Low-Income Subsidy (LIS) will expand.

Speaking of the LIS, in 2025, Part D IS coverage will be expanded! The LIS is a program that helps people with Medicare pay for their prescription drugs. To be eligible for the LIS, enrollees must have limited income and resources. Further eligibility requirements include:

• Participant is enrolled in Medicare Part and or B.
• Receive some form of Medicaid, SSI (Supplemental Security Income), or are enrolled in a Medicare Savings Program.
• Live within the U.S.

3. Lower premiums for some Medicare Advantage plans.

 In 2024, premiums for some Medicare Advantage plans will increase just slightly. According to The Center for Medicare and Medicaid Services (CMS), the average monthly premium will raise to $18.50 in 2024, as opposed to $17.86 in 2023. Medicare Advantage plans offer a variety of benefits, including prescription drug coverage, dental and vision coverage, and fitness center memberships.

Are There Any More Changes on the Horizon?

In addition to these key updates, Medicare Part B premiums will also see an increase in 2024. Additionally, there are some exciting changes coming to the coverage gap known as “the donut hole.” For more information on these changes, click HERE.

How to Stay Out of The Donut Hole or Not Get In as Soon!

• Visit www.medicare.gov when selecting a Medicare Part D plan, whether it is your first time or changing during Medicare’s Annual Enrollment Period in the fall. This is an accurate way to view the cost of drugs, which Part D Prescription Drug plan meets your needs, and the pharmacy most cost-effective.
•  Talk to your primary care and specialty doctors about which brand-name drugs can be changed to generics.
• Get samples from your doctor.
• Search various prescription drug programs such as GoodRx or Single Care for inexpensive prescription drug costs. HEB, Wal-Mart, Kroger, and Costco also have discount prescription drug plans. To get their discounted price, you only need a prescription from your doctor.
• Contact the Texas A&M Medication Assistance Program at 866/524-1408 for extra help. This organization has saved over $64 million dollars helping people receive expensive brand-name prescriptions at affordable prices when they cannot afford the Part D cost for them.

Looking for More?

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