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For more recent information, see Medicare Part B Premium to Increase in 2025.
Medicare’s Part B standard monthly premium will increase to $174.70 in 2024, a $9.80 increase from this year, the Centers for Medicare & Medicaid Services (CMS) announced Oct. 12.
The premium increase comes on the heels of a decrease in 2023 in the Part B monthly charge. Medicare Part B covers doctor visits, diagnostic tests and other outpatient services. The annual Part B deductible will also rise, to $240 in 2024 from $226 this year. CMS attributed the higher premiums and deductibles mainly to increases in health care spending.
The announcement of the 2024 Part B premium came the same day the Social Security Administration (SSA) revealed that the cost-of-living-adjustment (COLA) for benefits in 2024 will be 3.2 percent. The average monthly Social Security retirement benefit will rise by $59, from approximately $1,848 to $1,907, according to the SSA. Medicare beneficiaries who are also receiving Social Security retirement benefits see their Part B premiums deducted directly from those monthly payments.
CMS also announced the premiums for those Medicare enrollees who pay higher monthly charges because of their income. Those charges will also increase.
Part B beneficiaries with annual individual incomes greater than $103,000 will pay more than the standard premium — how much more will depend on income. For example, someone filing an individual tax return whose income is between $103,000 and $129,000 will pay $244.60 a month for Part B instead of the standard $174.70. CMS says about 8 percent of Medicare beneficiaries pay more than the standard monthly premium.
Most Medicare enrollees must pay the Part B premium whether they have original Medicare or a private Medicare Advantage plan. Some Advantage plans offer a “giveback” benefit where the insurer covers part or all of a member’s Part B monthly premium. Consumers can find those plans on the Medicare plan finder. Deductibles in Medicare Advantage vary by plan.
While most Medicare enrollees do not pay a monthly premium for Part A, which covers inpatient hospital, skilled nursing facility, hospice and some home health care services, there is a deductible charged for each hospital stay.
For 2024, the Part A deductible will be $1,632 per stay, an increase of $32 from this year. For those people who have not worked long enough to qualify for premium-free Part A, the monthly premium is little changed. The full Part A premium will be $505 a month in 2024, a $1 decrease.
Whether a beneficiary has to pay the full Part A premium depends on their spouse’s work history, if they have one. Beneficiaries with Medicare Advantage plans should check with their plan for hospital charges.
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