Written by: Andrew Crocker, Senior Extension Program Specialist, Gerontology and Health, Texas A&M AgriLife Extension Service
Medicare is a federal health insurance program for those over age 65 and with certain conditions that make them eligible. It is one of the nation’s largest health payers. In this post, I’ll provide an update for the 2024 benefit year (January – December 2024), highlighting some of the most significant changes. While Medicare generally only makes changes once per year, the most current information is always available at Medicare.gov.
If enrolled in a Medicare Advantage plan, check with the plan issuer about changes and plan updates for the 2024 benefit year.
Changes Coming Your Way
Some of the most noteworthy updates to Original Medicare in 2024 include:
- Chronic Pain Management & Treatment Services –Medicare will cover monthly services, including assessment, medication management, and care coordination and planning for beneficiaries who have lived with chronic pain for three months or more.
- Outpatient Mental Health Care – Medicare will cover mental health services provided by marriage & family therapists and mental health counselors; it will also cover intensive outpatient services provided by health facilities.
Regarding costs associated with Original Medicare benefits in 2024:
- Medicare Part A primarily covers inpatient hospitalization and related health services.
- Most Medicare beneficiaries do not pay a monthly cost for Part A, but if you happen to be someone who does, check with Medicare about changes in your costs for 2024 based on your situation.
- The annual deductible will be $1,632, an increase of $32 from last year.
- Co-insurance for hospitalization days 61-90 will increase by $8 to $408 per day and co-insurance for hospitalization lifetime reserve days will increase by $16 to $816 per day.
- Medicare Part B primarily covers outpatient health services.
- Monthly Premium: The standard monthly premium will be $174.70, an increase of $9.80 from last year. Individuals earning more than $103,000 and couples earning more than $206,000 may pay higher monthly premiums.
- The annual deductible will be $240, an increase of $14 from last year.
- Medicare Part D covers prescription drug costs.
- As Medicare Part D is administered by private companies, check with your plan issuer about changes and plan updates for the 2024 benefit year.
- Individuals earning more than $103,000 and couples earning more than $206,000 may pay higher monthly premiums.
Source: Medicare and You 2024
