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Medicare Changes for 2024: What You Need to Know

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September 26, 2023

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Medicare is changing for 2024! Every year, there are changes to Medicare, and 2024 is no exception. Here are some of the big Medicare changes for 2024 and how a certified Medicare insurance agent can help.

Key Medicare Changes for 2024

  • Expansion of the Low-Income Subsidy (LIS) program: Beginning in 2024, all people with Medicare who have incomes up to 150% of the federal poverty level and resources at or below the limits for partial low-income subsidy benefits will be eligible for full benefits under the LIS Program. This change means that people with incomes between 135% and 150% of poverty will no longer have to pay a partial premium.
  • Elimination of the 5% coinsurance for Part D catastrophic coverage: Beginning in 2024, Medicare will eliminate the 5% coinsurance requirement for Part D enrollees. Currently, when someone on Medicare has spent around $3,100 on prescription drugs, they enter what’s called the catastrophic phase of their benefit. In this phase, they must pay 5% of prescription costs for the rest of the year without a maximum limit. Under the new law, people in the catastrophic phase will only pay 20% of their prescription drug costs.
  • Cap on out-of-pocket costs for insulin: In 2023, the out-of-pocket cost of insulin products is limited to no more than $35 per month in all Part D plans. This limit will remain in place in 2024 and beyond.
  • Cap on out-of-pocket costs for prescription drugs: Beginning in 2025, Medicare will cap the out-of-pocket cost for prescription drugs at $2,000 per year for Part D enrollees. This policy means that people will not have to pay more than $2,000 for prescription drugs in a year, even if they are in the catastrophic phase of their benefit.

Inflation Reduction Act Provisions for Medicare 

In addition to these changes, the Inflation Reduction Act also includes several other provisions that will affect Medicare, such as:

  • Capping the annual increase in the base beneficiary premium: Beginning in 2024, Medicare will limit the annual increase in the base beneficiary premium for Part D plans to 6%. This limit will help to keep Part D premiums affordable for beneficiaries.
  • Expanding access to telehealth services: The Inflation Reduction Act extends the Medicare telehealth flexibilities implemented during the COVID-19 pandemic through the end of 2024. Therefore, beneficiaries will continue to access a wide range of telehealth services, such as video visits and phone calls, without paying a copayment or coinsurance.
  • Providing coverage for preventive services: The Inflation Reduction Act makes some preventive services, such as certain vaccines and screenings, free for Medicare beneficiaries. This change will help keep beneficiaries healthy and prevent the need for more expensive care.

How These Changes Will Impact You

Medicare designed these changes for 2024 to make Medicare more affordable and accessible for beneficiaries. For example, the expansion of the LIS program will help low-income beneficiaries pay for their Medicare costs. Eliminating the 5% coinsurance for Part D catastrophic coverage will also help beneficiaries save money on prescription drugs.

If you are a Medicare beneficiary, it is essential to review the changes for 2024 and understand how they may impact you. However, all of these options can be very confusing for most people. Therefore, you may want to talk to a Medicare insurance agent for help understanding these changes and finding the best Medicare plan for your needs.


In conclusion, the Medicare changes for 2024 are significant and will positively impact many beneficiaries. By making Medicare more affordable and accessible, the changes will help people get the care they need without worrying about financial hardship.

How Magnolia Insurance Agency Can Help

If you are eligible for Medicare or already participate in Medicare, it is crucial to be aware of the changes for 2024. At Magnolia Insurance Agency, our Medicare insurance experts can help you understand these changes and ensure you have the right coverage to meet your requirements. Call us at 770-213-5171 or contact us online


Health Insurance / By Magnolia Insurance Agency


Contact Us Today – 770-213-5171

Stephen Dufour
Owner, Magnolia Insurance Agency
Office: 770-213-5171
Fax: 770-338-6932

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