By Andrew Bird/Financial Concepts
Every year, the Centers for Medicare & Medicaid Services (CMS) publishes updates to Medicare’s deductibles and copays for the following year.
Andrew Bird. Photo by: Ron Bird Portraits (www.ronbirdportraits.com)
CMS recently released the changes for 2024 and there are some updates that are noteworthy if you are on Medicare.
Medicare consists of two parts, A and B. Part A is the hospital coverage and Part B is the doctor coverage.
Part A deductible is going from $1,600 to $1,632. Additionally, the copay for hospital stays is increasing. Days 1-60 are still $0. In days 61-90 of a hospital stay, the daily copay is going from $400 to $408 and in days 91-150 of the stay the daily copay is increasing from $800 to $816.
The part B deductible will increase from $226 to $240 for 2024.
The monthly premium for Part B will also be changing from $164.90 to $174.70 for the standard rate (or higher depending on your income) in 2024. The income-related Part B premiums will vary depending on the portion of your income that exceeds $97,000, or $194,000 for a married couple.
As you can see, there are quite a few out-of-pocket expenses that can add up quickly with just having Medicare only. If you don’t have anything else to help cover these costs such as a Medicare Supplement (MediGap) plan or an Advantage plan, you are leaving yourself exposed to a high financial risk if something should happen to you.
Speak to your local Medicare insurance professional to help you compare and show you what plans are available and help you decide which Medicare Supplement (MediGap) or Advantage plan is right for you!
Andrew Bird, an agent at Financial Concepts Retirement Planning in Mesquite, specializes in Medicare and Insurance services. Andrew Bird can be reached at 702-346-7025 or AndrewBird.FCRP@gmail.com
