December 21, 2023
In 2023, a few Medicare changes and updates were announced. Below outlines the updates to keep in mind as we move forward into 2024.
Premiums and Deductibles
The Centers for Medicare and Medicaid Services announced the changes to Part B premiums and deductibles. The standard Medicare Part B premium in 2024 will be $174.70, and the deductible will be $240.
Drug Price Negotiation Program
For the first time, Medicare is negotiating the price of Part D drugs. In 2023, the Department of Health and Human Services selected 10 drugs for negotiation. We can expect to see the final negotiated prices announced in the fall of this year.
According to the Kaiser Family Foundation, the average beneficiary will have access to 43 Medicare Advantage plans. 97 percent or more of all Medicare Advantage plans will offer vision, fitness, hearing, or dental benefits in 2024.
In 2023, two new coverage updates were announced. After FDA approval, CMS announced the coverage of a new drug aimed to slow the progression of Alzheimer’s disease. Medicar Part D also expanded coverage for the preventative shingles and Tdap vaccines.