Several new rules went into effect for Medicare on January 1, 2024, and they have varying impacts on beneficiaries. Here’s a breakdown of some key changes:

Cost Changes:

  • Premiums:
    • Part A: The standard monthly premium remains unchanged at $505 per month.
    • Part B: The standard monthly premium increased by $9.80 to $174.70. Individuals with higher incomes will pay an even higher premium based on their income.
    • Part D: Premiums vary depending on the chosen plan, but many plans saw decreases thanks to the Inflation Reduction Act.
  • Deductibles:
    • Part A: The deductible per hospital stay increased by $32 to $1,632.
    • Part B: The annual deductible increased by $14 to $240.
  • Out-of-pocket maximums:
    • Part D: The maximum out-of-pocket spending limit has decreased for the catastrophic coverage phase, effectively capping beneficiary costs at around $3,300 for 2024.

Coverage Changes:

  • Insulin pumps: Coverage for insulin for traditional insulin pumps is now capped at $35 per month under Part B, eliminating the deductible for this particular cost.
  • Telehealth: Telehealth coverage remains available until the end of 2024, but after that, it will be more restricted unless conducted in a rural area or an office setting.
  • Vaccines: Recommended adult vaccines are now covered at no cost to beneficiaries.
  • Medicare Advantage agent regulations: Some modifications were made to agent practices like allowing them to provide more information and extending re-contact windows, but a proposed provision allowing meetings outside certain timeframes wasn’t finalized.

Overall impact:

  • Increased costs: The higher Part B premiums and deductibles may lead to increased financial burden for some beneficiaries.
  • Improved access to certain services: Broader coverage for insulin pumps and vaccines can benefit specific groups.
  • Flexibility in telehealth: Continued telehealth access through 2024 is positive, but potential future restrictions could be challenging.

It’s important to note that the impact of these rules will vary depending on individual circumstances and Medicare plans. For personalized information, it’s best to contact Medicare directly or consult with an Ohio Health Benefits advisor by calling (866) 235-8378 or click here to email us your name and phone number for us to call you..