Omega Senior Insurance, LLC

Not sure if you made the right decision with your Medicare health plan for 2026? There is a 3-month open enrollment period (OEP) that takes place January 1 – March 31. Individuals enrolled in an MA/MAPD plan can make a one-time election to switch to another MA/MAPD plan or drop their MA/MAPD plan and return to Original Medicare.

The Medicare Annual Enrollment Period begins October 15 and ends December 7. Changes take place January 1.

Here's look at Medicare cost increases for 2024:

Medicare Part B Costs Rising: The standard monthly premium for Medicare Part B, covering outpatient care, has increased to $174.70 in 2024, up from $164.90 in 2023. High earners might pay more due to the income-related monthly adjustment amount (IRMAA).

Higher Part B Deductible: The annual deductible for Medicare Part B is now $240, a slight increase from last year. Remember, some preventive services may not require a deductible.

Increased Part A Costs: For hospital stays or skilled nursing care under Medicare Part A, expect higher out-of-pocket costs. The deductible for hospital stays is now $1,632, and daily coinsurance rates have also increased.