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