On October 12th, 2023 the Centers for Medicare & Medicaid Services (CMS) announced the 2024 deductibles and premium amounts for the Medicare Part A and B Programs. As well as the 2024 Medicare Part D income-related monthly adjustment amounts.
Due to recent inflation, The Inflation Reduction Act has increased the eligibility of access to lower-cost prescription drugs.
Part A
The Medicare Part A inpatient hospital deductible that beneficiaries pay if admitted will be $1,632 in 2024, a $23 increase from 2023.
The Part A inpatient hospital deductible covers beneficiaries' share of costs for the first 60 days of Medicare-covered inpatient hospital care in a benefit period.
Part B
Medicare Part B covers doctors' services and tests, outpatient care, home health services, durable medical equipment, and other medical services that are not covered by Part A.
The standard monthly premium for Medicare Part B enrollees will be $174.70 for 2024, which is a $9.80 increase from 2023.
The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, a $14 increase from the prior year.
CMS indicated that the price increases are due to healthcare spending and to a degree, the remedy for the 340B-acquired drug payment policy for the 2018-2022 period.
Immunosuppressive Drug Premium
Healthcare professionals administer immunosuppressants to manage autoimmune disorders. Individuals undergoing organ or stem cell transplants are prescribed these medications to prevent their immune systems from rejecting the transplanted organs or cells. For 2024, the standard immunosuppressive drug premium is $103.
Part D adjusted amounts
From 2011 onwards, the monthly premium for Part D beneficiaries has been determined by their income. These adjustments, tied to income, impact about 8% of individuals enrolled in Medicare Part D.
Approximately two-thirds of beneficiaries directly pay premiums to the plan, while the rest have their premiums subtracted from their Social Security benefit checks.
Concluding
It's essential for individuals to have cost-effective access to high-quality healthcare. The Medicare Savings Program helps more than 10 million people with coverage of Medicare premiums.
The Department of Health and Human Services with CMS, created a rule to streamline enrollments in Managed Service Providers (MSPs), making coverage more affordable to nearly 1 million individuals.