2024 Medicare Part B Updates

October 24, 2023 Earlier this month, the Centers for Medicare and Medicaid Service (CMS) announced the Social Security Administration’s 2024 Medicare Part B premiums and deductibles. The standard Medicare Part B premium for 2023 is $174.70. This is an increase of $9.80 in comparison to 2023’s standard Part B premium of $174.70 for Medicare. The…

October 24, 2023

Earlier this month, the Centers for Medicare and Medicaid Service (CMS) announced the Social Security Administration’s 2024 Medicare Part B premiums and deductibles.

The standard Medicare Part B premium for 2023 is $174.70. This is an increase of $9.80 in comparison to 2023’s standard Part B premium of $174.70 for Medicare. The 2024 Part B deductible is $240. This is an increase of $14.00 from the deductible of $226 in 2023.

The average American will pay the standard Part B premium, but those with higher gross incomes will pay more. To be charged the standard Part B premium amount, a Medicare beneficiary’s gross income must be $103,000 or less for individuals, and $206,000 or less for joint tax filers.

Part B monthly premiums for individuals who have a gross salary of over $103,000 include:

• Gross income $103,000-$129,000: $244.60 Part B monthly premium
• Gross income $129,000-$161,000: $349.40 Part B monthly premium
• Gross income $161,000-$193,000: $454.20 Part B monthly premium
• Gross income $193,000-$500,000: $559.00 Part B monthly premium
• Gross income $500,000+: $594.00 Part B monthly premium

The Medicare Part A deductible for 2024 is $1,632. This is an increase of $32.00 when compared to 2023’s Part A deductible of $1,600.  

Read about the Medicare Annual Enrollment Period happening October 15 – December 7

What is Medicare Part A?

Medicare is a federal health insurance program that is divided into two parts: Medicare A and B. Medicare Part A covers inpatient hospital services. This can include services such as inpatient care, hospice care and care in a skilled nursing facility.

What is Medicare Part B?

Medicare Part B covers outpatient services. This may include doctor visits, durable medical equipment, lab tests, mental healthcare, and preventative services. 

What is a premium?

Most Medicare plans require you to pay a Part B premium. This is a monthly set fee that maintains Medicare coverage.

What is a deductible?

Medicare coverage begins after the Medicare beneficiary pays their out-of-pocket costs, also known as their deductible.