Description

Whether you're a first-time enrollee or a seasoned Medicare beneficiary, understanding yearly Medicare cost changes is key to managing your healthcare expenses effectively. In this episode, we cover everything from Original Medicare costs to Medicare Advantage, Medigap, Part D, and even unexpected Medicare costs, ensuring you're well-prepared for the year ahead.

1. Original Medicare Costs for 2024:
   • Part A Premiums: $0/month for most, up to $505/month based on work history. 
   • Part B Premiums: A base premium of $174.70/month. Part B OOP Costs: $240 yearly deductible, 20% coinsurance
2. Medicare Advantage Costs:
   • Average Premium: $18.50/month, with 66% of plans offering $0/month premiums.
   • Out-of-Pocket Costs: Maximum in-network MOOP of $8,850
3. Medigap (Medicare Supplement) Costs:
   • Premiums vary by plan letter and geography, with significant differences across states and insurance providers.
   • Out-of-Pocket Costs: Affected by the annual Part B deductible changes.
4. Part D Prescription Drug Plan Costs:
   • Average Premium: $55.50/month, with a wide range of premiums available.
   • Deductibles and Coverage Limits: Maximum deductible of $545, with the initial coverage limit increased to $5,030.
5. Unexpected Medicare Costs:
   • IRMAA: Additional charges for higher-income individuals.
   • Penalties for late enrollment in Part B and Part D.
6. Future Projections for Medicare Costs:
   • Insights from the latest Medicare Trustees' report on expected cost increases in the coming years.

Please register for our FREE Online Course here: https://www.gmedcourse.com/

Giardini Medicare is an independent insurance agency specializing in helping Medicare beneficiaries enroll in the Medigap or Medicare Advantage plan that fits their needs during their transition to Medicare. We are licensed and work virtually in the following states:  AZ, CA, FL,  IL, IN, KY, MI, MD, NC, OH, PA, SC, TX. If we do NOT work in your state, we can refer to agents that we know, like & trust across the country.

Check out our website at  https://gmedicareteam.com/ Also, see our additional educational content on our YouTube Channel.

You can also connect with and learn more on TikTok and our private Facebook Group, and while you're at it, check out our Google Reviews!  And please get added to our mailing list so we can remain in touch with you.

Sources:

2024 Original Medicare Costs

2024 Max out-of-pocket limit

Part D 2024 Landscape File

KFF 2024 Medicare Part D Costs