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Insurance Changes Coming in 2024

There are numerous changes to insurance that will take effect beginning in January 2024. Here is a summary of some of those changes:

  • Starting in 2024, health insurance companies will be required to keep 26-year-old household members on their parent’s plan through the end of the plan year (December 31) in which they turn 26.

  • According to the Kaiser Family Foundation, the updated analysis of marketplace insurers’ early rate filings are requesting a median premium increase of 6% for 2024, which they say is largely due to price increases for medical care and prescription drugs. Insurers’ rate requests are preliminary and may change during the review process.

  • Beginning in 2024, there will no longer be a partial program in the Low-Income Subsidy program. Full benefits will be offered to people with Medicare with limited resources and incomes up to 150 percent of the federal poverty level, which in 2023 is $21,870 per year

  • Eliminating coinsurance above the catastrophic phase threshold In 2024 will lower out of pocket costs by thousands of dollars for Medicare Part D enrollees who use expensive drugs. With the elimination of the 5% coinsurance requirement for Part D enrollees in the catastrophic coverage phase, Part D plans will be required to pay 20% of total drug costs in this phase in 2024, up from 15% in 2023 and prior years.

    • Also starting in 2024, the calculation of the base beneficiary premium will be adjusted, as needed, to limit increases in the base premium to no more than 6% from the prior year. (Premiums for individual Part D plan premiums and annual plan-level premium increases will continue to vary, however.)

  • The average monthly premium for Medicare Part D prescription drug coverage is expected to fall slightly in 2024, to $55.50, a 99-cent drop from the 2023 average of $56.49, according to the Centers for Medicare & Medicaid Services (CMS).

  • Medicare Part B premiums could rise by about $15 a month in 2024 to a total of about $179.80 per month, according to a projection from The Senior Citizens League, a nonprofit that advocates issues affecting seniors.


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