The Centers for Medicare & Medicaid Services (CMS) released the 2024 Medicare Part A and B premiums, deductibles, and coinsurance amounts. Additionally, the 2024 Medicare Part D income-related monthly adjustment amounts were also announced.
Medicare Part B Premium and Deductible
Physician, outpatient hospital, certain hospital health services, and other medical and health services including some medical equipment are covered by Medicare Part B. Each year the Social Security Act determines the Medicare Part B premium, deductible, and coinsurance rates.
- The standard monthly premium for Medicare Part B enrollees will be $174.70 (an increase of $9.80 from 2023).
- The annual deductible for all Medicare Part B beneficiaries is $240 (an increase of $14 from 2023).
Medicare Part B Income-Related Monthly Adjustment Amounts
A beneficiary’s Part B monthly premium is based on 2022 income as filed with the IRS. The 2024 Part B premiums are shown in the following table:
Medicare Part A Deductible
Inpatient hospital, skilled nursing facility, hospice inpatient rehabilitation, and some home health care services are covered by Medicare Part A. The Medicare Part A inpatient deductible that beneficiaries pay if admitted to a hospital will be $1,632 in 2024.
Medicare Part D Income-Related Monthly Adjustment Amounts
A beneficiary’s Part D monthly premium is based on 2022 income as filed with the IRS. Part D premiums vary from plan to plan, and individuals pay the income-related monthly adjustment amount in addition to their Part D Premium. Refer to the chart below:
2024 Medicare Open Enrollment began on October 15 and will end on December 7, 2023. If you have Medicare-related questions or need help determining which plans are best for you, please contact Ed Hourigan at email@example.com or call 866.306.0200.