Medicare Premiums Will Go Up 6% Next Year, CMS Announces
Centers for Medicare and Medicaid Services announced a 6% hike in premiums for Medicare Part A and B in 2024. Meanwhile, open enrollment for next year's plans starts this weekend.
The Hill:
Medicare Part B Premiums To Rise By 6 Percent In 2024
The Centers for Medicare and Medicaid Services (CMS) announced the monthly Medicare Part A and B premiums for 2024 on Thursday, with the costs set to go up by 6 percent next year. The premiums would increase by $9.80 from $164.90 to $174.70 in 2024 and the annual deductible for Medicare Part B beneficiaries will go up from $226 to $240 as well. This price increase comes after Medicare Part B premiums went down for the first time in more than 10 years in 2023. (Choi, 10/12)
Axios:
Medicare Premiums Set To Rise In 2024
Monthly Medicare premiums covering physician and outpatient care will rise almost 6% next year as part of a series of hikes the Centers for Medicare and Medicaid Services announced Thursday. Though inflation pressures are receding, projected growth in health care spending is continuing to drive up the cost of care. A plan to repay providers for underpayments they received from a federal drug discount program is another factor, CMS said. (Goldman, 10/13)
Medicare open enrollment kicks off Oct. 15 —
Barron's:
Medicare Open Enrollment Is Almost Here. Don’t Make This Common Mistake.
Medicare’s annual open enrollment period begins Oct. 15, yet most recipients don’t take this opportunity to review their coverage options. That’s important to do, because Medicare plans can change from year to year: Monthly premiums may rise or fall, doctors in Medicare Advantage may drop out of the plan’s network, and drug coverage may change. A report last year by GoodRx Research found that enrolling in the wrong Medicare Part D plan can cost members more than $800 a year. (O'Brien, 10/13)
Side Effects Public Media:
Scammy Medicare Ads And Unsolicited Calls Bombard Seniors Shopping For Health Insurance. Will Federal Efforts Help Them?
New regulations designed to crack down on misleading marketing of Medicare insurance plans face their first big test when seniors begin shopping for coverage on Oct. 15. (Walker and Gorenstein, 10/13)
The Motley Fool:
3 Things All Medicare-Eligible Seniors Should Do During The Open Enrollment Period
The average adult 65 and older spends more than $22,000 on healthcare each year, according to the Centers for Medicare & Medicaid Services. Not all of this comes out of pocket, but even a fraction of this can be tough on seniors living on a fixed income. Having the right health insurance coverage can minimize a senior's out-of-pocket costs while still providing the greatest possible coverage. And with Medicare's open enrollment kicking off on Oct. 15 and running through Dec. 7, now is a great time for all Medicare-eligible seniors to give their health insurance plans a closer look. Here are three steps to take during open enrollment this year. (Hagen, 10/12)
The Washington Post:
Medicare, Medicare Advantage Are Complex. Here’s What You Need To Know
There are so many complex rules for the program that provides health insurance for Americans 65 and older. Here are some basic guidelines to get you started. (Singletary, 10/13)
And the Social Security Administration announced its cost-of-living adjustment —
Fox Business:
Social Security Recipients To Receive 3.2% COLA Increase In 2024
Social Security benefits will rise by 3.2% in 2024, far below the increases that retirees received during the past two years as inflation continues to moderate, the Social Security Administration said Thursday. ... But even with the payment increase, retirees say they are still struggling to keep up with persistently high inflation. A recent survey conducted by the Senior Citizens League found 68% of retirees reported that their household expenses remain higher than one year ago, even though inflation has eased. They said this situation has persisted over the last year. (Henney, 10/12)
