Medicare 2024: What You Need to Know

If you’re juggling health expenses, the word "Medicare" probably pops up a lot. 2024 brings a few tweaks that could affect what you pay and what you get. Below we break down the biggest changes, where you can save, and how to avoid common pitfalls.

Key Changes for 2024

First up, the premiums. The average Part B premium rose by about $4 this year, so expect a slightly higher monthly bill if you’re already enrolled. The good news? If you qualify for the Extra Help program, that increase won’t hit you because the subsidy caps the amount you pay.

Second, the prescription drug list (Formulary) got a refresh. Some brand‑name drugs moved to a higher tier, meaning higher co‑pays, while a handful of generics dropped down. Check your specific drug’s tier before you refill – a quick phone call to your plan can save you $10‑$30 per prescription.

Third, Medicare Advantage (Part C) plans now have to offer at least one dental, vision, and hearing benefit. If you’ve been stuck with separate vision or dental plans, you might be able to bundle everything into one Medicare Advantage plan and cut paperwork.

How to Maximize Your Benefits

Start with the enrollment windows. The Initial Enrollment Period (IEP) runs three months before you turn 65 and ends three months after. Miss it, and you’ll face a 10% penalty on Part B premiums that lasts for life. If you’re already on Medicare, the Annual Election Period (Oct 15‑Dec 7) is your chance to switch plans, drop a Part D plan, or add extra coverage.

Next, hunt for free Part D coverage. If your income is under $20,000 for an individual (or $27,000 for a couple) you likely qualify for Extra Help, which can waive premiums, deductibles, and co‑pays. Apply online at medicare.gov or call 1‑800‑772‑1242. The application takes about 10 minutes and could save you hundreds each year.

Don’t forget about Supplemental (Medigap) policies. Even though they don’t cover Part D, a good Medigap plan can fill gaps in hospital stays and doctor visits. Compare the six standardized plans (A‑F). If you’re healthy and want lower premiums, Plan F or G might be overkill; Plan C or D could be enough.

Finally, use the Medicare Plan Finder tool to compare costs side‑by‑side. Look at total annual costs—not just monthly premiums. Some plans appear cheap until you add in co‑pays and deductibles, and the overall price can be double what the premium suggests.

Bottom line: stay on top of the enrollment dates, check your drug tier each year, and apply for Extra Help if your income fits. A few minutes of research now can mean less out‑of‑pocket spending all year long.