If you’re one of the nearly 60 million Americans who are covered by Medicare, you may be wondering what changes you can expect to see in the program in the coming years. One of the biggest changes on the horizon is the introduction of Medicare supplement plans. Here’s what you need to know about these new plans and how they may affect your coverage https://www.medisupps.com/medicare-supplement-plans/medicare-supplement-plans-2024/
If you’re one of the millions of Americans who are covered by Medicare, you may be wondering what changes you can expect to see in 2024. Here’s a brief rundown of what you need to know about Medicare supplement plans in 2024.
The first thing you need to know is that, starting in January of 2024, Medicare supplement plans will no longer cover prescription drugs. This change is a result of the passage of the Medicare Access and CHIP Reauthorization Act of 2015, which eliminated the so-called “doughnut hole” coverage gap for prescription drugs. So, if you’re currently enrolled in a Medicare supplement plan that covers prescription drugs, you’ll need to find another way to pay for your medications starting in 2024.
Another change that’s coming in 2024 is the elimination of the Medicare supplement plans known as “Medigap.” Medigap plans are currently offered by private insurance companies and help cover some of the costs that aren’t covered by traditional Medicare, such as deductibles and co-pays. However, starting in 2024, all new Medicare enrollees will be automatically enrolled in a new type of coverage called “Medicare Advantage.”
Medicare Advantage plans are offered by private insurance companies and must provide at least the same level of coverage as traditional Medicare. Some Medicare Advantage plans also offer additional benefits, such as prescription drug coverage, dental and vision coverage, and more. If you’re currently enrolled in a Medigap plan, you’ll be able to keep your coverage until it expires. At that point, you’ll need to enroll in a Medicare Advantage plan if you want to continue to have health insurance coverage.
Finally, starting in 2024, there will be some changes to the way Medicare Part B premiums are calculated. Currently, Part B premiums are based on your income level. However, starting next year, premiums will instead be based on your “modified adjusted gross income,” or MAGI. The good news is that if your income has decreased since you last filed your taxes, your Part B premium may go down as a result.
As you can see, there are some significant changes coming to Medicare supplement plans in 2024. However, with a little bit of planning ahead, you can make sure that you have the coverage you need when these changes take effect. If you have any questions about how these changes may affect you specifically, please don’t hesitate to contact our office for more information.
We are here to help you make the right decisions for your health and financial security. Thank you for choosing us to provide the coverage and services you need. We look forward to helping you understand and make the most of these important changes. Thank you again for choosing us!