By Karen Courtney, Director of Programs
The Centers for Medicare & Medicaid Services (CMS) has released the 2024 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs.
Annual Medicare rates are adjusted according to the Social Security Act. The standard monthly premium for Medicare Part B enrollees will be $174.70 for 2024, an increase of $9.80 from 2023. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the annual deductible in 2023.
Medicare Part A covers inpatient hospitals, skilled nursing facilities, and some home health care services. Most people pay nothing for Part A, as they’ve paid in more than 40 work quarters. The 2024 monthly premium for enrollees age 65 and over who have fewer than 40 quarters of coverage and certain persons with disabilities will increase to $278 for people with 30-39 work quarters, and $505 per month for people with fewer than 30 work quarters.
The Medicare Part A inpatient hospital deductible that beneficiaries pay if admitted to the hospital will be $1,632 in 2024, an increase of $32 from 2023.
Premiums and deductibles for Medicare Advantage and Medicare Part D Prescription Drug plans are unaffected by this announcement.
Medicare imposes Income-Related Monthly Adjustment Amount (IRMAA) surcharges on Part B and Part D premium costs for beneficiaries with annual incomes at $103,000 or more.
Social Security and Supplemental Security Income (SSI) benefits will have a Cost of Living Adjustment (COLA) increase of 3.2% in 2024. In December, beneficiaries should watch the mail for their personal Social Security Income document and keep it as a financial proof.