ANNOUNCEMENT: 2024 Medicare Part B base premium and deductible

[GailL1]

Per CMS today -

2024 Medicare Part B base premium will rise to $ 174.70 and the new Part B deductible will rise to $ 240.00

CMS.gov 10/12/2023 - 2024 Medicare Parts A & B Premiums and Deductibles

Each year, the Medicare Part B premium, deductible, and coinsurance rates are determined according to provisions of the Social Security Act. The standard monthly premium for Medicare Part B enrollees will be $174.70 for 2024, an increase of $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the annual deductible of $226 in 2023.

More info at the link provided for the other cost like IRMAA, Part B Immunosuppressive Drug Coverage and Part A premium (if applicable) and deductibles and co-insurance increases.

[javmd]

2 years ago, the base fee was $170.10, then actually went down for 2023.  So, for two years, the yearly increase averaged only 2.5%.  The "long term" medical inflation rate has been reported to average around 5%, which is about the rate increase for 2024.

[GailL1]

Right - the Part B premium was reduced in 2023 because Medicare (CMS) recalculated the expenses connected to the Alzheimer’s drug -Aduhem.

HHS News Release 05/2022 - Statement from HHS Secretary Becerra: 2022 Medicare Part B Premium Increa...

But get use to it now since there are several more of these type drugs in the marketplace now and since most of them are infused - the coverage will be under Part B.  Plus all the scans and test that people will need to verify their condition stage and their progress on the med if they are approved for eligibility.  

Part B premiums are just gonna continue to rise - but if we want medical advancements, especially for diseases and conditions that affect this Medicare age group, we will have to pay the price.

[MaryRose416568]

They are cutting payment to providers and increasing the part B charges. Do you think that physicians are going to want Medicare patients? (Who makes cuts during times of inflation?)  I just read about the billions a year that Medicare is loosing to fraud and errors.  (But dont worry, according to a website, they only lost $31+ billion to errors and are still under the 10% limit for errors.)  Maybe if they had more oversight and stopped paying physicians financial incentives for controlling the treatment of Medicare recipients, they could afford not to cut physician payments.   People need to document their health care in 2024.  Is it taking a long time to get into a specialists office? Is the specialist recommending something less than would be recommended to a non-Medicare recipient. Can we get a list of doctors who accept Medicare assignment but are non-participating.  (This means that the doctor will accept what Medicare pays but can charge you up to a 15%copay.)  Are you willing to pay a doctor a copay in order to have them work for YOU instead of Medicare?  We need to make sure that the doctor's know that we are not stupid old people.We ran the world when someone was wiping their butts. 

[kb4949]

I have a question, please; must Medigap enrollees renew their plan every year or is renewal automatic? 

[GailL1]

@kb4949 

ALL Medigap plans sold since 1992 are guaranteed renewable AS LONG AS YOU KEEP PAYING YOUR PREMIUM - that’s all you have to do to keep your choice of a plan enforced.  

The only other way an insurer could cancel your policy is if there is fraud in the initial application.

Medicare.gov - 2023 How To Choose A Medigap Plan - 

This is a primer from Medicare with everything you need to know about Medigap coverage.

[kb4949]

Thank you so much. I have a memory issue so I wouldn’t remember what I’d read from a handbook which causes me frustration so, I appreciate your direct answer. 👍🏼

[sktn77a]

"I have a question, please; must Medigap enrollees renew their plan every year or is renewal automatic?"

As GailL says, once you're enrolled in a Medigap program you are entitled to stay with it for life.  In fact, if you have any significant medical conditions, you are STUCK with it as you most likely would not get approved by any other Medigap insurer.  Now, they can FORCE you out of their program by jacking up rates every year until you can no longer afford it (they have to do this for every participant, not just you) at which time you would probably chose to go onto a Medicare part C (advantage) program.

[GailL1]

@sktn77a wrote 

. . . . Now, they can FORCE you out of their program by jacking up rates every year until you can no longer afford it (they have to do this for every participant, not just you. . . . 

========================

AND MAKE SURE THOSE PREMIUMS GET PAID - Do Something to guarantee it cause you never know when one might be unable to pay it physically - so let your POA or healthcare designate know to keep these premiums paid.

I don’t think there is really a “grace” period  on Medigap premiums - or insurance in general.  Have a problem and the premium hasn’t gotten paid - too bad for you.  Whether that’s healthcare or an auto accident. 

I don’t think that even “getting old” is an excuse - so plan accordingly.