The standard monthly Medicare Part B premium will increase 6% for 2024, about $10 more than what seniors are paying in 2023. Medicare Part B covers doctor’s services, outpatient hospital services, some home health services and durable medical equipment.

The Centers for Medicare and Medicaid Services, which sets Medicare cost benchmarks annually, also raised the Part B deductible and the deductible for Part A (which covers inpatient hospital and related services). Both increases are due to the rapid rise in health care costs, which is pushing health insurance premiums higher nationwide.

While there is no premium for Medicare Part A, what you pay for your Part B premium varies depending on your income. The monthly premium for 2024 is:

  • Earning $103,000 a year or less (or $206,000 or less for joint filers): $174.70 (up 9.8%).
  • Earning more than $103,000 up to $129,000 (or more than $206,000 to $258,000 for joint filers): $244.60 (up 6%).
  • Earning more than $129,000 up to $161,000 (or more than $258,000 to $322,000 for joint filers): $349.40 (up 6%).
  • Earning more than $161,000 up to $193,000 (or more than $322,000 to $386,000 for joint filers): $454.20 (up 6%).
  • Earning more than $193,000 and less than $500,000 (or more than $386,000 and less than $750,000 for joint filers): $559 (up 6%).
  • Earning $500,000 or more (or $750,000 or more for joint filers): $594 (up 6%).

 

Part B deductible

The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the annual deductible of $226 this year.

 

Part A out-of-pocket costs

The Medicare Part A inpatient hospital deductible that beneficiaries pay if admitted to the hospital will be $1,632 in 2024, up $32 from $1,600. The Part A inpatient hospital deductible covers beneficiaries’ share of costs for the first 60 days of Medicare-covered inpatient hospital care in a benefit period.

If the stay goes beyond 60 days, Medicare recipients in 2024 must pay a coinsurance amount of $408 per day for the 61st through 90th day of a hospitalization ($400 in 2023) in a benefit period, and $816 per day for lifetime reserve days (compared to $800 this year).

For beneficiaries in skilled nursing facilities, the daily coinsurance for days 21 through 100 of extended care services in a benefit period will be $204 in 2024, up $4 from 2023.

 

Part D projection

CMS projected that the standard Medicare Part D monthly premiums will be $55.50 in 2024. Like Part B, the more you earn the more you pay.  Around 8% of beneficiaries with Part D coverage will receive upward premium adjustments ranging from $12.90 to $81 per month.

 

Medicare Advantage

The average monthly premium for all Medicare Advantage plans, which includes Medicare Advantage-Prescription Drug plans, is projected to increase marginally from $17.86 in 2023 to $18.50 in 2024.

Most enrollees who choose to stay in their plan will see little or no premium increase for 2024, with nearly 73% not seeing any premium increase at all.

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