Here's a summary of the coverage adjustments:
Starting on January 1, 2024, if you have Medicare drug coverage (Part D) and your medication expenses reach the threshold for catastrophic coverage, you won't be required to make co-payments or co-insurance payments. The Extra Help program, which assists in covering Part D drug costs, will broaden its coverage to encompass a wider range of expenses for individuals with limited resources and income.
Medicare now includes monthly services for chronic pain treatment if you've been grappling with it for over three months.
Commencing January 1, 2024, Medicare will provide coverage for intensive outpatient program services offered by hospitals, community mental health centers, and other suitable facilities for those seeking mental health care.
If you've recently lost Medicaid or are on the verge of losing it and are enrolled in Medicare, you can change your Medicare plan without incurring a penalty. You can watch a video from Oregon's Senior Health Insurance Benefits Assistance program for more information.
Additionally, there are some other noteworthy changes:
Until December 31, 2024, you can access telehealth services from any location in the U.S., including your home. After this period, most telehealth services will require you to be in an office or medical facility situated in a rural area.
Individuals with Medicare drug coverage will receive free adult vaccines recommended by the Advisory Committee on Immunization Practices, which includes the COVID-19 booster, shingles, and RSV vaccines.
In terms of costs:
The annual deductible for Medicare Part B will increase by $14 in 2024, reaching $240, while the standard monthly premium for Medicare Part B will rise by $9.80 to $174.70.
The projected average total monthly premium for Medicare Part D coverage in 2024 is approximately $55.50, reflecting a 1.8% decrease from $56.49 in 2023.
The average premium for Medicare Advantage plans in 2024 is $18.50 per month, a slight increase from the 2023 average premium of $17.86.