The Centers for Medicare & Medicaid Services (CMS) have outlined changes that directly impact Medicare Part A and Part B. In this guide, we’ll break down the essentials, covering premiums, deductibles, and coinsurance amounts.
- Medicare Part A: Covering Essentials
- Inpatient Bliss: Part A, embraces inpatient hospitals, skilled nursing facilities, hospice, inpatient rehab, and select home health care services.
- Premium Perk: A whopping 99% of Medicare beneficiaries relish a premium-free Part A, earned through a minimum of 40 quarters of Medicare-covered employment.
- Skilled Nursing Nuances
- For extended care in skilled nursing facilities, the daily coinsurance inches up to $204.00 in 2024, a gentle nudge from the $200.00 in 2023.
- Medicare Part B: Navigating Healthcare Horizons
- Comprehensive Coverage: Part B swoops in for physicians’ services, outpatient hospital services, specific home health services, durable medical equipment, and myriad medical services beyond Part A’s scope.
- Financial Facelift: The standard monthly premium for Part B in 2024 is $174.70, a $9.80 increase from 2023’s $164.90.
- Deductible Dynamics
- Brace for a slightly heftier deductible in 2024. The annual deductible for all Part B beneficiaries is set at $240, signaling a $14 increase from 2023’s $226.
- Income Influence on Premiums
- Since 2007, a beneficiary’s Part B monthly premium reflects their income.
