Changes Happening to Medicare in 2023-2024

Just like any insurance, changes are on the horizon for Medicare in both 2023 as well as 2024 and even beyond. These changes will affect both regular Medicare as well as Medicare Advantage plans, and these changes may also affect what Medicare Advantage plan you want to be on. In order to fully understand these changes and how they can affect you and your insurance coverage, call our team at ISU-Bright Agency. We will walk through these upcoming changes with you and can shop the market among all of the insurance companies that we work with to get you multiple quotes for a potential new Medicare Advantage plan. Contact us to learn more about all of these changes.

Medicare Advantage 2023

Pills on Table for Medicare AdvantageYou may have already noticed this as it was implemented on January 1, 2023, but all Medicare Advantage plans as well as Medicare Part D no longer require a deductible, coinsurance, or other cost-sharing requirements for adult vaccines that are recommended by the CDC. What this means is that those with Medicare drug plans will pay nothing out of their own pocket in order to get the recommended adult vaccines.

The other important item that went into affect in January was a cap on insulin cost. This cap is no more than $35 per month for insulin products. Medicare Advantage 2023 provides these important changes, and with these changes will come other adjustments to your Medicare Advantage plan. This is why it is important to review your current plan with our team to determine what the best plan is for you going forward.

Medicare Advantage 2024

When it comes to Medicare Advantage 2024, there are important changes coming here as well. Starting in 2024 is an expansion of the Extra Help program where the threshold now goes up to 150% of the federal poverty level. This means no deductible, no premium, as well as fixed costs for certain medications for those that qualify. The other part that goes into effect in 2024 is the elimination of the 5% coinsurance obligation once someone has spent around $3,100 in a calendar year.

While these are important changes to Medicare Advantage plans, these changes will not impact Medicare Supplement plans at all. These changes may have an impact on which Medicare Advantage plan you want to go with in the coming years, so give our team at ISU-Bright Agency a call to schedule a time to review all of your options. Planning now will give you peace of mind in the future.