Medicare

Medicare's open enrollment period for 2024 is from October 15 to December 7, 2024.

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What’s New in Medicare for 2024?

Expanded telemedicine options: More virtual healthcare services available, making it easier to get care from home.
Prescription Drug Coverage (Part D) Changes: Lower out-of-pocket costs and cap on insulin costs.
New Wellness Programs: Medicare Advantage plans are adding wellness benefits, including fitness memberships and nutrition counseling.

Understanding Medicare

Medicare is a federal health insurance program designed for people aged 65 and older, as well as certain younger individuals with disabilities. It covers a wide range of medical services, but it doesn’t always cover everything. That's why it's important to understand your options and take advantage of new updates during Medicare Open Enrollment, happening now!

Part A provides inpatient/hospital coverage. Part B provides outpatient/medical coverage. Part C offers an alternate way to receive your Medicare benefits (see below for more information). Part D provides prescription drug coverage.

Medicare Part B, also known as medical insurance, covers outpatient preventive, diagnostic, and treatment services related to your health conditions. There’s an annual deductible and a monthly premium to cover, as well as some coinsurance costs. Together, Medicare parts A and B are known as “Original Medicare.”

Medicare Part C, also known as Medicare Advantage, is a private insurance option that covers both Medicare Part A and Part B services. Most Medicare Advantage plans offer additional coverage for prescription drugs, vision, dental, hearing, and more. Although each plan has different costs, you may pay monthly premiums and copays.

Medicare Part D, also known as prescription drug coverage, can be added to Original Medicare and helps cover some of your prescription drug costs. You will pay a separate deductible and premium for this plan.

Medicare Advantage, or Part C, combines all of your Medicare Part A (Hospital Insurance) and Part B (Medical Insurance) into one plan, often with added benefits like prescription drug coverage, dental, vision, and hearing care.

Key Benefits of Medicare Advantage:

All-in-one plan coverage
Potential lower out-of-pocket costs
Extra services that Original Medicare doesn’t offer
Annual limits on out-of-pocket expenses

For 2024, new changes include expanded telehealth services, enhanced drug coverage, and more specialized care options. Make sure you don’t miss the opportunity to switch or enroll in a plan during open enrollment!

Why Choose Medigap:

No network restrictions – see any doctor who accepts Medicare
Covers most, if not all, of your out-of-pocket costs
Ideal for frequent travelers or those needing more predictable health care costs

With 2024’s new Medigap guidelines, plan premiums and coverage levels have been adjusted. Now is the perfect time to reassess your coverage!

Medicare Supplement (Medigap)

Medicare Supplement plans, also known as Medigap, help fill the "gaps" in Original Medicare coverage by paying for some of the out-of-pocket costs like copayments, coinsurance, and deductibles.

FAQs

Frequently ask questions

Who’s eligible for Medicare?

Generally, Medicare is for people 65 or older. You may be able to get Medicare earlier if you have a disability, End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant), or ALS (also called Lou Gehrig’s disease).

Medicare has four parts:

Part A (Hospital Insurance)
Part B (Medicare Insurance)
Part C (Medicare Advantage Plans
Part D (Drug Coverage)

What is the average monthly cost for Medicare in 2024?

Part of Medicare	Monthly cost
Part A (hospital insurance)	Typically $0.
Part B (medical insurance)	Typically $174.70 in 2024.
Part C (Medicare Advantage)	$18.50, on average, in 2024.
Part D (prescription drugs)	$55.50, on average, in 2024.

Does Medicare cover 100% of hospital bills?

Medicare doesn’t typically cover 100% of your medical costs. Like most health insurance, Medicare generally comes with out-of-pocket costs including copayments, coinsurance, and deductibles. As you’ll learn in this article, Original Medicare (Part A and Part B)

Does Medicare have a copay for doctor visits?

Medicare costs typically vary based on what coverage and services you receive and what providers you visit. When it comes to your copay, Medicare Part B usually covers 80% and you pay 20% of the cost for each Medicare-covered service such as a doctor’s visit or item after you’ve paid your Part B deductible.

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With respect to Medicare: Our partners do not offer every plan available in your area. Any information we provide to you is limited to those plans our partners offer in your area. Please contact Medicare.gov or 1–800– MEDICARE to get information on all of your options. Any Medicare plans represented are PDP, HMO, PPO or PFFS plans with a Medicare contract. Enrollment in plans depends on contract renewal.

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