Do Medicare benefits change each year?

 

Medicare benefits generally remain steady from year to year, but there are a few ways they can change:

Annual Adjustments:

• Premiums: The monthly premiums for Part B and Part D are adjusted annually based on factors like program costs and inflation. For 2024, the Part B premium increased by $9.80 from the previous year.
• Deductibles and Copays: These amounts may also be adjusted slightly each year to keep pace with costs.
• Coverage: Minor changes may occur to specific services or coverage details within each part of Medicare.

Medicare Advantage Plans:

• These private plans offered by insurance companies can change their benefits, premiums, deductibles, and copays each year during the Open Enrollment period (October 15th to December 7th).
• It's crucial to review your plan's Annual Notice of Change (ANOC) each fall to understand any upcoming modifications.

Legislative Changes:

• Occasionally, Congress may pass legislation that alters Medicare benefits on a broader scale. These changes can take time to implement and are usually well-publicized.

Important to remember:

• While significant changes to core Medicare benefits are uncommon, it's crucial to stay informed about annual adjustments and potential legislative changes.
• Regularly review your Medicare Summary Notice and any plan-specific communications to stay up-to-date.
• Resources like the Medicare website, State Health Insurance Assistance Program (SHIP), and Medicare Rights Center offer valuable information and guidance on understanding Medicare benefits and potential changes.
• If you still have questions Click Here and a licensed agent will be in contact.