Medicare Open Enrollment Insights for CSX Employees: What You Need to Know About 2024 Cost Changes!

Healthcare Provider Update: Healthcare Provider for CSX: CSX Corporation has partnered with Aetna, a division of CVS Health, to provide healthcare benefits for its employees. This collaboration allows CSX employees access to a wide range of health services and insurance plans tailored to meet their specific needs. Potential Healthcare Cost Increases in 2026: In 2026, CSX and its employees may face significant healthcare cost challenges, as the landscape for health insurance is set to experience considerable changes. With proposed premium hikes in the Affordable Care Act marketplace reaching as much as 66% in some states, the potential expiration of enhanced federal premium subsidies may exacerbate out-of-pocket expenses for many enrollees. A forecast indicates that over 22 million individuals could see their premiums increase by more than 75%, driven by rising medical costs and insurers' aggressive rate adjustments. This surge in costs could create financial strain not only for individual employees but also for the company's overall healthcare budget, necessitating strategic planning and proactive measures for 2026. Click here to learn more

Medicare's Open Enrollment Period — which runs from October 15 through December 7 — is your annual opportunity to switch your current Medicare health and prescription drug plans to ones that better suit your needs. Just in time for Open Enrollment, 2024 Medicare premiums, deductibles, and other costs have been announced, and surprisingly, some of these costs are lower than they were last year.

What to consider
Start by reviewing any materials your plan has sent you. Look at the coverage offered, the costs, and the network of providers, which may be different than last year. Maybe your health has changed, or you anticipate needing medical care, or new or pricier prescription drugs. If your current plan doesn't meet your health-care needs or fit your budget, you can make changes. But if you're satisfied with what you currently have, you don't need to do anything. The coverage you have will continue.

During Open Enrollment, you can:

1. Switch from Original Medicare to a Medicare Advantage Plan

2. Switch from a Medicare Advantage Plan to Original Medicare

3. Change from one Medicare Advantage Plan to a different Medicare Advantage Plan

4. Change from a Medicare Advantage Plan that offers prescription drug coverage to a Medicare Advantage Plan that doesn't offer prescription drug coverage

5. Switch from a Medicare Advantage Plan that doesn't offer prescription drug coverage to a Medicare Advantage Plan that does offer prescription drug coverage

6. Join a Medicare prescription drug plan (Part D)

7. Switch from one Part D plan to another Part D plan

8. Drop your Part D coverage altogether

Any changes made during Open Enrollment are effective as of January 1, 2024.

Medicare Part B (Medical Insurance) Costs for 2024

Any changes made during Open Enrollment are effective as of January 1, 2024.

Most people with Medicare who receive Social Security benefits will pay the standard monthly Part B premium of $174.70 in 2024. This premium has increased from 2023 due to rising healthcare costs and adjustments in Part B items and services ( Grant Thornton ) ( Kiplinger.com ).

People with higher incomes may pay more than the standard premium. If your modified adjusted gross income (MAGI) as reported on your federal income tax return from two years ago (2022) is above a certain amount, you'll pay the standard premium amount and an Income-Related Monthly Adjustment Amount (IRMAA), which is an extra charge added to your premium, as shown in the following table ( Grant Thornton ) ( Kiplinger.com ).

Additional Information

People with higher incomes may also pay a higher premium for a Medicare Part D prescription drug plan, as an IRMAA will be added to the Part D basic premium based on the same income limits in the table above. The average basic monthly premium for 2024 is projected to be about $55.50 ( Centers for Medicare & Medicaid Services ) ( Kiplinger.com ) ( Medicare ).

People with Medicare Part B must also satisfy an annual deductible before Original Medicare starts to pay. For 2024, this deductible is $240, up from $226 in 2023 ( Centers for Medicare & Medicaid Services ) ( Kiplinger.com ).

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*This premium applies to a new benefit that extends coverage for immunosuppressive drugs for people who qualify for Medicare coverage due to end-stage renal disease. Prior to 2024, Medicare coverage, including immunosuppressive drug coverage, ended 36 months after a successful kidney transplant. Beginning January 1, 2024, Medicare will offer a new benefit that will help continue to pay for immunosuppressive drugs beyond 36 months for people who don't have other health coverage. It does not cover other items or services. Rates shown apply to people who file individual or joint tax returns. Premiums for beneficiaries filing as married filing separately are different ( Centers for Medicare & Medicaid Services ) ( Medicare ).

Medicare Part A (Hospital Insurance) Costs for 2024

• Part A deductible for inpatient hospitalization:  $1,632 per benefit period (up from $1,600 in 2023).

• Part A premium for those who need to buy coverage:  Up to $514 per month (up from $506 in 2023) — most people don't pay a premium for Medicare Part A.

• Part A coinsurance:  $408 per day for days 61 through 90, and $816 per 'lifetime reserve day' after day 90, up to a 60-day lifetime maximum (up from $400 and $800 in 2023).

Part A skilled nursing facility coinsurance:  $204 for days 21 through 100 for each benefit period (up from $200 in 2023) ( Centers for Medicare & Medicaid Services ) ( Kiplinger.com ).