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Just Announced: 2024 Medicare Part B Premium & Deductible Rates

The Centers for Medicare and Medicaid Services (CMS) recently announced that the standard monthly premium for Medicare Part B beneficiaries will be $174.70 in 2024, which is an increase compared with $164.90 in 2023. Those with annual individual incomes above $103,000 have a higher Part B premium, and the specific amount is based on their earning bracket

The annual deductible for all Part B enrollees will be $240 in 2024, increasing from $226 in 2023. 

The Medicare Part B premium, deductible, and coinsurance rates are determined annually based on the Social Security Act.

What led to the Part B premium and deductible increases?

According to CMS, the Part B premium and deductible increases were mainly a result of projected increases in health care spending. 

What does Part B cover?

Medicare Part B generally covers two types of medical services: medically necessary services or supplies and preventive services. Some examples include:

  • Medically necessary doctors’ services
  • Outpatient care
  • Preventive services
  • Durable medical equipment
  • Part-time or intermittent home health and rehabilitative services

2024 Medicare Part A Deductible 

The Medicare Part A inpatient deductible will increase by $32 in 2024, making it $1,632, up from $1,600 in 2023. Medicare Part A covers inpatient hospital stays, skilled nursing care, hospice, inpatient rehabilitation, and some home health services. Though this deductible is increasing, about 99% of Medicare beneficiaries don’t pay a Part A premium because they have the required minimum of 40 quarters of Medicare-covered employment. 

Local Medicare Guidance

If you are currently a client of RetireMed and have questions about the Medicare Part B rates for 2024, please schedule a call with a client advisor. 

If you are new to Medicare and have questions, our advisors are here to help you navigate your health coverage. Call 866.939.8436 today or schedule a call to get started!