In the News
MEDICARE COSTS RISE SLIGHTLY FOR 2024
Most Medicare users will face a small increase in monthly premiums and the deductibles they pay for hospital stays next year.
The adjustments, announced in October, will see both users of original Medicare and those with private Medicare Advantage (MA) plans pay an increase of $9.80 a month, to $174.70, for Part B coverage of doctor visits, tests and other outpatient care. The yearly deductible under Part B will rise slightly.
There was good news for Medicare users who get care via an MA plan—most will see no price hike in 2024, and the rest will see modest increases. The average MA premium will be $18.50 next year, up 64 cents, says the Centers for Medicare and Medicaid Services.
More people will have MA plans, CMS predicts. That number is expected to climb to nearly 34 million people in 2024—more than half of the 66 million people on Medicare.
The average cost of Part D prescription drug coverage is projected to fall slightly.
Medicare’s 2024 Changes
PART A
Usual premium*
2024: $0
2023: $0
Inpatient hospital deductible
2024: $1,632
2023: $1,600
Coinsurance for 61st to 90th day
2024: $408
2023: $400
PART B
Basic monthly premium
2024: $174.70
2023: $164.90
Income threshold for higher payments,
individual tax return
2024: $103,000
2023: $97,000
Income threshold for higher payments,
joint tax return
2024: $206,000
2023: $194,000
PART C
(Medicare Advantage) average premium**
2024: $18.50
2023: $17.86
PART D
Average premium
2024: $55.50
2023: $56.49
*A small number of people who did not pay Medicare taxes while working and some disabled people pay a premium. **In addition to the basic Part B premium. Roughly three-fourths of Part C enrollees will see no premium increase.
SOCIAL SECURITY PAYMENTS UP 3.2% FOR 2024
SOCIAL SECURITY RECIPIENTS will get a 3.2 percent increase in their monthly checks next year, the Social Security Administration (SSA) has confirmed. That compares to the cost of living adjustment (COLA) of 8.7 percent that recipients received this past January.
The change reflects a cooldown of inflation over the past year, the SSA said.
Starting in January, the average monthly Social Security retirement benefit will rise by $59, from about $1,848 to $1,907, says the SSA. The average disabled worker benefit will increase from $1,489 to $1,537.
The COLA will be applied to veterans benefits and retirement pay as well as Social Security payments.
The modest gains for 2024 will be partially offset by an increase in monthly premiums for Medicare Part B, the portion of Medicare that covers outpatient services such as doctor visits (see story at above). For most Medicare enrollees, Part B premiums are deducted directly from their Social Security payments, so the rate hike will eat into the COLA.
More Older Americans Are Dying From Falls
MORE THAN 100 Americans 65 or older died each day from falls in 2021, a big increase from 2020, and the highest rate so far this century, a government study reports.
The Centers for Disease Control and Prevention found 38,742 fall-related deaths among older adults that year—a 7.6 percent rise from 2020. The CDC says about 3 million people over 65 go to the hospital each year with injuries from falls.
There are several reasons why falls become both more common and more dangerous with age, says Liron Sinvani, M.D., a geriatrics specialist with Northwell Health.
Slower reaction time can affect ability to recover from a stumble. Bone and muscle loss can mean a fall causes more damage. Worsening eyesight and hearing can make it harder to pick up fall-risk cues. Blood-thinning medications can make it hard to stop bleeding, and other drugs can affect balance.
Those factors can leave older people vulnerable to head injuries, which cause almost half of deaths due to falls in those 65-plus, a separate study shows.
Plan Would Cut Medical Debt From Credit Reports
MEDICAL DEBT REMAINS a serious problem among older Americans: Nearly 4 million people over 65 together owe about $54 billion in unpaid medical bills. That averages to $13,800 per debtor, says the Consumer Financial Protection Bureau (CFPB).
That debt can wreck credit ratings, making it harder to borrow money. But that could change under a White House proposal that would keep unpaid medical bills off consumer credit reports.
$13,800
average amount owed by the nearly 4 million people over 65 with medical debt
The CFPB said in a statement that including medical debt in credit scores is unfair because of the high rate of mistakes in medical billing.
“We systematically see populations that are well covered, well insured ... with high percentages of unpaid bills,” says Hector Ortiz, a CFPB senior policy analyst.
Hospitals commonly try to coerce payment of bills by threatening people’s credit status, says an analysis by KFF Health News.
The formal rule is expected to be issued sometime in 2024.
DOG DIALECT
EVER FIND YOURSELF embarrassed to be talking to your pooch in a cutesy voice? Don’t be. Research published in the journal Communications Biology shows dogs’ brains are wired to respond to “exaggerated prosody,” also known as baby talk. Researchers speculate that trait evolved as dogs became man’s best friend.