Navigating Medicare: Understanding the What, When & How of Benefits
With Andea Naone-Waters, Licensed Broker & Agent
Thursday, May 23rd, 12pm-1pm. Click HERE to RSVP!
Open Mobile Menu
Navigating Medicare: Understanding the What, When & How of Benefits
With Andea Naone-Waters, Licensed Broker & Agent
Thursday, May 23rd, 12pm-1pm. Click HERE to RSVP!
Open Mobile Menu
medicare in 2024

Navigating Medicare in 2024: A Guide for New and Existing Enrollees

To accommodate their enrollees the best they can, Medicare updates its policies every year. The Kensington Sierra Madre wants to ensure you and your family are prepared for Medicare in 2024.  

These changes can affect your pocket and your peace of mind, and we want to make sure you’ve got both under control.

Join us on May 23rd for an informative event, “Navigating Medicare: Understanding the What, When & How of Benefits” to learn all you need to know about your options and benefits this year.

Learn how to navigate your Medicare plan options with our partner and expert Andea Naone-Waters, Licensed Broker & Agent, Founder of Andea Insurance Services Inc., who specializes in assisting people and their families to find and enroll in the Medicare Plan Options that work best for them or their loved one.

RSVP today!

Our promise is to love and care for your family as we do our own.

What’s new in Medicare for 2024

Is your Medicare plan ready for 2024? From expanded coverage to reduced costs, there’s a lot to explore. This guide breaks down the latest updates that can make a big difference in how you manage your health this year.

Premiums and deductibles:

  • Part A premium is steady, with most qualifying for $0 premiums. The full premium is set at $505/month.
  • The Part A deductible per hospital stay has increased slightly to $1,632.
  • Standard Part B premiums have risen, now at $174.70/month, but offset by a Social Security COLA.
  • Part B deductibles are up to $240, from $226 in 2023.

Prescriptions:

  • The catastrophic cap is now in place: After $8,000 on medications, no further out-of-pocket costs for the year.
  • Expanded eligibility for Extra Help, increasing the income threshold to 150% of the federal poverty level.
  • A $35 cap on a 30-day supply of insulin.
  • All adult vaccines recommended by ACIP are covered with no out-of-pocket costs.
  • Drug price inflation exceeding general inflation will incur a rebate to Medicare.

Medicare Advantage updates:

  • Broker commissions are standardized to a flat $642 to avoid bias in plan promotion.
  • More than 50% of enrollees now choose Medicare Advantage, influencing new behavioral health coverages and consumer notifications about unused benefits.

Care coordination and behavioral health:

  • Medicare will reimburse providers for patient healthcare navigation starting in 2024.
  • Providers will be compensated for training family caregivers.
  • Licensed marriage and family therapists, mental health counselors, and addiction counselors will be able to treat Medicare enrollees.

Telehealth and chronic care:

  • Telehealth services are accessible from any location until the end of 2024.
  • Coverage now includes monthly services for chronic pain lasting over three months.

COVID-19 Care:

  • Ongoing coverage for the COVID-19 vaccine and various tests and treatments.

Understanding the parts of Medicare

If you’re turning 65 and enrolling in Medicare for the first time, think of it as your healthcare toolbox. 

Medicare offers various plans, each designed for specific healthcare tasks. Understanding these parts of Medicare allows you to mix and match coverage to fit your healthcare needs as you age. 

Original medicare

This is your standard Medicare coverage that’s been around since the ’60s.

Part A (Hospital Insurance):

  • Think of this as your inpatient care coverage. It’s there for you when you need to be admitted to a hospital.
  • It also covers skilled nursing facility care, hospice, and some home health care services.
  • Most folks don’t pay a monthly premium for Part A if they’ve worked for 10 years (40 quarters) and paid Medicare taxes.

Part B (Medical Insurance):

  • This is your go-to for outpatient care. Need to see a doctor, get lab tests, or require preventive services? Part B has your back.
  • There’s a monthly premium for Part B, which for most in 2024 is $174.70.

Additional coverage options

Here’s where you can add more to your Medicare coverage based on your health needs and preferences.

Medicare Advantage (Part C):

  • It’s like Original Medicare with a twist—it often includes extra coverage like dental, vision, and even gym memberships.
  • These plans are offered by private insurance companies approved by Medicare.
  • You still need to pay your Part B premium, along with any additional premium the plan charges.

Medicare prescription drug coverage (Part D):

  • Got medications? Part D helps cover the cost of your prescriptions.
  • Offered through Medicare-approved private insurers, with various plans to choose from based on your medication needs.

Medicare supplement insurance (Medigap):

  • This is extra insurance you can buy to help pay for costs that Original Medicare doesn’t cover, like copayments, coinsurance, and deductibles.
  • Medigap policies are sold by private companies and require a separate premium.

Enrollment and eligibility

Ready to join Medicare? Let’s talk about enrollment.

Enrollment process

  • You have a 7-month Initial Enrollment Period around your 65th birthday. This starts 3 months before the month you turn 65 and ends 3 months after.
  • Miss this window? There’s a General Enrollment Period from January 1 to March 31 each year, but you might have to pay a late enrollment penalty.

Important deadlines

  • If you want to switch or drop Medicare Advantage Plans or change your Part D plan, do it during the Open Enrollment Period from October 15 to December 7.

Eligibility criteria:

  • Most people become eligible at age 65.
  • You may also qualify earlier due to a disability or certain health conditions like end-stage renal disease or Lou Gehrig’s disease (ALS).

Medicare coverage and costs

What does Medicare put on the table for you? Here’s a bird’s eye view of the coverage and costs:

What Medicare covers

  • Hospital stays, lab tests, surgeries, and preventive services through Part A and Part B.
  • Medicare Advantage Plans (Part C) might cover additional services like dental, vision, and hearing.

Understanding costs

By understanding these basics, you can avoid surprises and budget for your healthcare with confidence.

Premiums:

  • The amount you pay regularly for your Medicare coverage. Part A is usually $0 if you’ve paid Medicare taxes for 10 years. Part B premium for 2024 is $174.70/month for most people.

Deductibles:

  • The amount you pay out of pocket before Medicare starts to pay. For 2024, the Part A deductible is $1,632 per hospital stay, and the Part B deductible is $240.

Co-payments/Coinsurance:

  • Your share of the costs for services after you pay the deductible. 

Stay informed with The Kensington Sierra Madre

At The Kensington Sierra Madre, we’re dedicated to keeping our residents and their families informed and engaged through educational webinars and events.

Our community offers assisted living, memory care, and rehabilitation services

Discover our full range of services and see how we honor Our Promise to love and care for your loved one as we do our own.

Join our next event to learn more. Contact us today or visit our events page for more information.

The owner of this website has made a commitment to accessibility and inclusion, please report any problems that you encounter using the contact form on this website. This site uses the WP ADA Compliance Check plugin to enhance accessibility.