Medicare’s Open Enrollment Period, the time when Medicare beneficiaries can compare coverage options and choose health and drug plans, began on October 15, 2023, and ends on December 7, 2023. Medicare Advantage and Part D plan costs and covered benefits can change from year to year, so people with Medicare should look at their coverage choices and decide on the options that best meet their health needs for coverage starting January 1, 2024. To help people with Medicare compare health and prescription drug plans during Open Enrollment, the Centers for Medicare & Medicaid Services (CMS) recently released the 2024 Star Ratings for Medicare Advantage (Medicare Part C) plans and Medicare Part D plans. The Star Ratings for Medicare Advantage and Medicare Part D prescription drug plans are released annually and reflect the experiences of people enrolled in Medicare Advantage and Part D prescription drug plans. Plans are rated on a one-to-five scale, with one star representing poor performance and five stars representing the highest level of performance.
Click here to view Part D and Medicare Advantage plans available in 2024.
Additionally, CMS announced the 2024 Medicare Part A and Part B premiums, deductibles, and coinsurance, and the 2024 Medicare Part B and Part D income-related adjustment amounts. Medicare Part B covers physicians’ services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A. 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. Starting January 1, 2024, individuals with modified adjusted gross incomes in 2022 above $103,000 and couples who file joint income tax returns with income above $206,000 will pay a higher Part B and Part D premiums or income-related monthly adjustment amount, if applicable.
Click here to view the 2024 Medicare Parts A & B Premiums and Deductibles fact sheet.
Medicare beneficiaries with low-incomes may qualify for assistance with Medicare premiums and cost-sharing. Medicare Savings Programs (MSPs) help qualified Medicare beneficiaries with their Part B premiums, and possibly other Medicare costs, and the Part D Low-Income Subsidy (LIS) Program, also known as Extra Help with Medicare Prescription Drug costs, may help with prescription drug costs.
Click here for additional information on MSPs and LIS/Extra Help.
Click here to find your local State Health Insurance Assistance Program (SHIP) for assistance with Medicare options and cost-saving programs.
