Medicare and Social Security updates for 2024
The government recently announced the updates to Social Security and Medicare for 2024. For next year, Social Security checks will increase by 3.2%. Medicare Part B’s premium will increase to $174.40, up $9.80 from 2023. Additionally, the Part B deductible will increase by $16 to $240 per year.
The Medicare Part D, Prescription coverage, deductibles, and coverage limits are also updated annually. Not all Part D plans have a deductible but the highest deductible possible is $545 in 2024. There are improvements to prescription coverage, for anyone on very expensive medications the costs of prescriptions in the Catastrophic phase of prescription coverage will drop to $0 for the remainder of the year.
Anyone who's income in 2022 was above $103,000 if filing taxes individually or above $206,000 in filing a joint return will pay an additional cost for Medicare called IRMAA (Income Related Monthly Adjustment Amount). The cost of both Medicare Part B and Part D are adjusted based on which of 6 income brackets you fall within.
In New Jersey for 2024, we will represent 11 different insurance carriers that offer 102 Medicare Part D and Medicare Advantage products. We also offer Medicare Supplement plans through 12 insurance carriers.
If you or anyone you know need help with your Medicare coverage options for 2024 please feel free to reach out to New Jersey Medicare Brokers.
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