Changes to Medicare in 2024
Medicare is complicated and can be confusing. To make it easier, here is a quick overview of some important areas to help you understand some of the basics and allow you to make an informed decision when it comes to your healthcare needs.
Medicare Costs in 2024
Part A Hospitalization: No monthly premium for most beneficiaries. There is a $1,632 deductible for each hospital stay in 2024.
Part B Medical, Doctor Visits $174.70 monthly for 2024 which can be automatically deducted from Social Security benefit payments. Individuals with an annual income of more than $103,000 pay a higher premium. The annual deductible is $240 for 2024.
Part C Medicare Advantage: Premiums including any additional charges such as deductibles, copays and coinsurance are set by private insurance companies which may vary by plan.
Part D Prescription Drug Coverage: Premiums vary by plan offered by private insurance companies.
How are Medigap and Medicare Advantage different? While they’re both options for people with Medicare, Medigap coverage supplements original Medicare, while Medicare Advantage is offered by private insurance companies and is an alternative to federally run Medicare.
How and when should I shop for a Medigap policy? You can buy a Medigap policy anytime you have Medicare Part A and Part B. However, the best time to buy a Medigap policy is during your Medigap Open Enrollment Period. This is the 6-month period that starts the first day of the month you’re 65 or older and signed up for Part B. After this period, your options to buy a Medigap policy may be limited, and the policy may cost more, or you may not qualify based on health questions.
Sign up to attend one of our free educational seminars and have your questions answered in person by a licensed agent. To register, call or text 215-388-2158.
Can’t attend in person? Schedule a free Medicare review in person or over the phone. Magnolia Senior Benefits is located at 696 Second Street Pike, Richboro, PA 18954.
PHOTO CAP: Chris Vedral, Magnolia Senior Benefits
