Next year will see alterations in Medicare Premium costs, with Medicare Part B expenses anticipated to rise while Medicare Part D fees are predicted to decrease.
Annually, the Social Security Administration assesses the financial aspects of the Medicare program.
It then adjusts premiums and deductibles based on regulations outlined in the Social Security Act, while the COLA increase 2024 will also lead to rising fees and payouts in the USA.
COLA stands for cost-of-living adjustment and is the way in which the US government calculates the costs of certain services, with the COLA increase 2024 expected to be around three percent.
How much is your Medicare Part B increasing in 2024?
Due to the introduction of a new Alzheimer’s treatment called Leqembi, developed by pharmaceutical companies Eisai and Biogen, Medicare beneficiaries are expected to shoulder a portion of the associated costs.
Consequently, Medicare Part B premiums are expected to increase in 2024. The projected uptick will see the costs rise from the current 164.90 dollars to 174.80 dollars, representing a nearly 10 dollar monthly hike.
How much will your Medicare Part D decrease in 2024?
Although the disparity in Medicare Part D expenses may not be substantial, it is poised to decrease slightly.
According to the Centers for Medicare & Medicaid Services (CMS), the average total monthly Part D premium is anticipated to drop…
