Medicare and Medicaid are highly important programs for many Americans. The Centers for Medicare and Medicaid Services (CMS) recently reported that over 65 million Americans are enrolled in Medicare and more than 92 million are enrolled in either Medicaid or Children’s Health Insurance Program (CHIP) in their state of residence. It is important to know that changes are taking place in both Medicare and Medicaid in 2024 to get the most from these programs.
What Are Medicare and Medicaid
Medicare and Medicaid are designed to help people live longer, save lives, and provide peace of mind for beneficiaries. Medicare and Medicaid in 2024 will continue to address these important purposes.
Medicare and Medicaid are two separate health insurance government programs that are administered by different parts of the government. Medicare is a federal program that provides health coverage for individuals 65+ and for some people under 65 who have a disability or other covered conditions. Medicare is available to individuals no matter their income.
Medicaid is a program that is jointly administered by the federal and state governments. It is designed to help people with very low income cover their medical costs. The federal government has general rules that apply to all states, but each state runs its own Medicaid program, so eligibility requirements and benefits vary state-by-state. Medicaid offers benefits like nursing home care and personal care services that are not covered by Medicare.
What to Know About Medicare and Medicaid in 2024
Medicare and Medicaid in 2024 will experience some changes beginning January 1, 2024:
Medicare Part A. Medicare Part A covers inpatient hospital charges, skilled nursing facilities expenses, hospice costs, and some home healthcare services expenses. There is no premium charged for Part A benefits for those who have 40+ quarters of Medicare-covered employment (99% of Medicare beneficiaries.) The Part A deductible will increase by $32 from 2023 to $1,632 per stay. However, those with Medical Advantage Plans will need to check with their insurer to know their hospital charges. Hospital and skilled nursing copays will increase slightly in 2024.
Medicare Part B. Medicare Part B applies to the costs of hospitalizations, some home health care service expenses, and hospice expenses. It also applies to the costs of diagnosing and treating health conditions, including preventative care like doctor checkups and flu shots. It also covers expenses including durable medical equipment, mental healthcare, and ambulance services. The standard Medicare Part B premium will increase $9.80 over 2023 to $174.70 per person. The yearly part B deductible will increase from $226 in 2023 to $240 in 2024.
Medicare Part D. Medicare Part D applies to prescription drug cost coverage. In 2024 the Part D premium is expected to decrease slightly from $56.49 to $55.50. Plus, there is a new cap on catastrophic drug expenses. Also, all adult vaccines that are covered by Medicare will be available for free to those covered. The cost of insulin is capped at $35.
Other changes. Other changes include expanded income assistance for more Medicare beneficiaries, an expansion of outpatient mental health services, and coverage has been added for chronic pain treatment.
Tips for the Wise Use of Medicare and Medicaid in 2024
Consider these tips for the wise use of Medicare and Medicaid in 2024: First, get the right plan for your needs. Second, coordinate your health care benefits. Third, see your doctor regularly and keep a health care journal. Fourth, use preventative care. Fifth, know your resources. Sixth, enroll in cost-saving programs. Seventh, be aware of changes in your plan.
Get Professional Home Care for Your Loved Ones
Contact Caring Healthcare in Columbia, SC. Whether you need home healthcare for an aging family member, special needs child, or extra help for another family member, we are here for you as we have been for 24 years. Our compassionate and courteous in-home care aides are extensively screened and are experienced in providing routine personal care, transportation, supervision, and companionship for our clients.