Medicare Part B Premium Increase in 2024

 

The Centers for Medicare & Medicaid Services (CMS) has announced that the standard monthly premium for Medicare Part B will be $174.70 for 2024, an increase of $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the annual deductible of $226 in 2023.

Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A.

Here are some key points to keep in mind about the Medicare Part B premium and deductible for 2024:

• Most people with Medicare pay a standard monthly premium for Part B, which is deducted from their Social Security benefits.
• People with higher incomes may pay a higher premium for Part B.
• People who are enrolled in a Medicare Advantage plan do not pay a monthly premium for Part B, but they may pay a monthly premium for their Medicare Advantage plan.
• The Part B deductible is the amount that you must pay out of pocket for covered services before Medicare begins to pay its share.
• After you meet the Part B deductible, Medicare pays 80% of the approved cost for covered services, and you pay the remaining 20% (coinsurance).

If you have any questions about the Medicare Part B premium or deductible, please contact Medicare at 1-800-MEDICARE (1-800-633-4227).

If you would like to discuss your benefits and options click on this Permission to Contact link and a licensed agent will be in touch. Remember if you like your plan, we love it.