Are there any changes to Medicare in 2024 that I need to know about?

Yes. First of all, the standard monthly premium for Medicare Part B, which covers doctor visits and other outpatient services, will be $174.70, an increase of $9.80 from 2023. The annual deductible is going up to $240. If you have a Medicare Advantage plan, you usually have an additional monthly premium. How much depends on what plan you’ve chosen and where you live. Same goes for the monthly premium for any Part D prescription drug plan you have.

There will also be some changes as a result of a new prescription law.

Catastrophic drug coverage: If your Part D drug costs reach $8,000 in 2024, that will put you in the catastrophic phase, meaning you won’t have to pay any further for prescription drugs for the rest of the year.

Part D premium increase limits: From 2024 through 2029, Part D plans cannot increase their so-called base premiums more than 6 percent a year. But because plans’ costs can vary widely, some beneficiaries could see a drop in premiums and others might have significant increases.

Extra Help: Eligibility for Extra Help, which assists people with limited incomes to afford their prescription drug costs, is being expanded. The income threshold for the program will be 150 percent of the federal poverty level ($21,870 for an individual).

With all the concerns over fraud, should I still carry my Medicare card?

It’s true that criminals use Medicare account numbers to fleece the government, and you don’t want them to get ahold of yours. Still, Medicare recommends that if you have original Medicare, you should bring your card to medical appointments. You should also have your card when you are away from home in case you suddenly need care. If you have a supplemental policy or a Part D drug plan, you should carry those cards too.

Advantage plan enrollees must show their plan’s card to get services. Keep your Medicare card safe at home in case you switch to original Medicare later.