Medicare Costs
Medicare Premium, Deductible, Cost-Sharing and Other Changes for 2024
The Centers for Medicare & Medicaid Services (CMS) update Medicare premiums, deductibles, and coinsurance amounts for Part A and Part B, and the Medicare Part D income-related monthly adjustment amounts known as IRMAA annually. CMS recently announced the 2024 changes and we’ve summarized these below. Medicare Part B Premium & Deductible The standard monthly premium…
Read MoreUnderstanding Part D Coverage and Costs
Medicare Part D prescription drug coverage may just be the most confusing part of Medicare! Estimating your out-of-pocket costs goes beyond just looking at the monthly premium. Part D costs also depend on: Below we explain more about these factors so you can better understand how Part D coverage and costs work and feel confident…
Read MoreWhat if a Medication is Not Covered by your Part D Plan?
Medicare Part D is a prescription drug insurance plan for people with Medicare provided through private insurance companies that contract with the federal government. Eligible individuals can choose to enroll in either a stand-alone prescription drug plan (PDP) or a Medicare Advantage plan that provides Part D prescription drug coverage (MAPD). Every Part D plan has…
Read MoreChanges Coming to Part D Prescription Drug Costs
The Senate passed the Inflation Reduction Act on August 7, 2022, which has significant provisions affecting Medicare drug prices. In addition, most Part D plans change annually. The changes you may see with your Part D plan include a different premium, deductible, cost-sharing limits, and covered drugs. Below is a summary of some of the…
Read MoreBudgeting for Medicare
Overview of Costs Medicare consists of “Original Medicare” known as Part A and Part B, plus any Medicare insurance plans you may elect to enroll in, like a Medicare Advantage plan (also known as “Part C”), Medicare Supplement plan, and/or a Prescription Drug Plan (also known as “Part D”). When budgeting for Medicare, there are…
Read MoreAppealing a Higher Part B or Part D Premium
Income Related Monthly Adjustment Amount (IRMAA) article to see the income thresholds and applicable IRMAA charges for Part B and Part D. To determine whether IRMAA charges apply, Medicare defaults to looking at your modified adjusted gross income as reported on your IRS tax return from two years prior. For example, in 2022, they would…
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