News & Updates

As the new year begins, Seniors and other Medicare recipients will see those all-familiar changes!The new year has brought changes to premiums and deductibles for both Part A (Hospitalization coverage) and Part B (Medical coverage).

Part A: Most Medicare recipients do not pay a monthly premium for Part A. However, if you don’t have enough qualifying quarters of employment the new full premium will be $505 per month (a $1 increase).The Part A deductible increases $32 dollars to $1,632 per hospital stay.

 

Part B: The monthly premium, that approximately 92% of recipients pay, is increasing to $174.70 for 2024. Individuals with higher income, annual income greater than $103,000, will pay more than the standard premium.The Part B deductible has increased to $240 per year (annual).

 

Prescription Drugs: The “Catastrophic Cap,” that level of spending where a member’s drug costs are so high, has a limit of $8,000. Meaning, once the member has spent $8,000, they will have no drug costs for the remainder of the year.

 

The “Extra Help” program, for those with limited incomes, has increased to 150% of the federal poverty level. If a single individual earns less than approximately $21,870 in 2024, they may qualify for “Extra Help.”

The $35 insulin cap is still in place for 2024, on insulin covered by Medicare and within the members drug plan formulary. (Check with your agent or plan provider)

 

Medicare Advantage plans are continuing to grow in use and popularity. The Center for Medicare and Medicaid Services (CMS) states that more than 50 percent of those eligible for Medicare are enrolled in a Medicare Advantage plan.Medicare Advantage plans are the “private alternative to original Medicare.” Original Medicare is when a member has Medicare Parts A & B or Parts A & B with a Medicare Supplement (MediGap) plan. CMS is continuing to enhance oversight and regulation on the Medicare Advantage plans with a patient/member focus.Medicare

 

Advantage (MA) plans are network based, meaning that a member/enrollee receives the lowest cost-share when utilizing doctors and hospitals in the plans network. Over the past decade, Medicare Advantage plans and their networks have progressed tremendously, and more doctors and hospitals are being included in their networks.Medicare

 

Advantage plans come in various formats with varying levels of cost-sharing. The easiest way to describe the difference between a Medicare Supplement and Medicare Advantage is:

​

Medicare Supplements require the member to pay a monthly premium, “PAY IN-CASE YOU GO…”

Medicare Advantage plans have cost-sharing when you go, “PAY WHEN YOU GO…”  

 

Whether you are just starting to research your Medicare options, or you have been a Medicare recipient for years, PAS, Inc. has agents that can assist you and answer your questions. Our agents are ready to assist you in making the most informed decision possible, call us today. There is no obligation and no cost to ask questions and get the answers you require to make this decision.