Medicare’s open enrollment period kicked off October 15th and runs through December 7th. This is your window to enroll and or make changes to your existing coverage. It’s always a good idea to reevaluate your coverage and see if any adjustments should be made to your health or prescription plan since plans, costs and your health may have changed since last year. To start, go to www.medicare.gov/plan-compare and use the plan finder tool to compare plans in your area. Any changes you make, take effect January 1st of 2024.
What can you do during open enrollment?
- Switch from Original Medicare to a Medicare Advantage Plan or vice versa
- Change your current Medicare Advantage Plan
- Join, drop, or switch prescription drug plans (part D)
What changes are coming in 2024?
- Social Security – a 3.2% annual cost-of-living adjustment for 2024 will go into effect in January. This equates to about a $50/month increase in benefits on average.
- Medicare –
- The standard Medicare Part B premium will be $174.70/month for 2024. This $10 increase is a 5.9% increase from this year’s $164.90/month premium.
- Part B deductible will increase to $240.
- Medicare Part D – you may see a slight decrease or similar premium based on the coverage. A new law also limits base premiums from increasing more than 6% per year.
- Income-related monthly adjustment amount AKA “IRMAA surcharge”– the new income bracket thresholds are listed below. If your 2022 income exceeds $103k (single) or $206k (married) you’ll pay the standard $174.70/month plus an additional premium for Part B and Part D. Note, Part B IRMAA is automatically added to your monthly premium bill, but Part D IRMAA must be paid directly to Medicare even if your employer pays your Part D premium. If your income has changed (2024 is determined by 2022 tax return), you can appeal an IRMAA decision and request a reconsideration based on certain life-changing events that caused your income to decrease.
|Single||Married||Part B IRMAA/month||Part D IRMAA/month|
|less than $103k||less than $206k||$0||$0|
- Medicare –
- Coverage for chronic pain treatment – Medicare will now cover monthly services to treat chronic pain if you’ve suffered from recurring pain for at least three months. This coverage includes assessment, medication management, and care coordination. You will be subject to the Part B deductible and co-pay.
- Insulin – the cost of a one-month supply of insulin is capped at $35 in all Part D plans and a deductible does not apply.
- More vaccines are covered – most notably, shingles will now be covered under part D.
- Mental health services will expand to cover services provided by marriage and family therapists and mental health counselors.
Navigating Medicare can be overwhelming, especially with the multitude of options and ads that are circulating during open enrollment. It’s best to start with Medicare’s website or reach out to an Advisor and we can connect you with an insurance counselor that can determine the best plan for your needs and budget.