Standard monthly Medicare Part B premiums will be $174.70 in 2024, in line with previous projections from Medicare’s trustees.
That means the standard monthly premium will go up to $174.70 in 2024, an increase from $164.90 in 2023. The new rate is in line with previousThe annual deductible for Medicare Part B will be $240 in 2024, a $14 increase from the $226 annual deductible in 2023.The Part B premium and deductible increases are mainly due to projected increases in health care spending, according to the Centers for Medicare and Medicaid Services.
Medicare Part B covers physician services, outpatient hospital services, some home health care services, durable medical equipment and certain other services not covered by Medicare Part A.Monthly Part B premium payments are typically deducted directly from Social Security benefit checks. Consequently, the size of Medicare Part B premiums affects just how much of the annual Social Security cost-of-living adjustment beneficiaries may see.
One forecast from The Senior Citizens League, a nonpartisan senior group, had projected the standard monthly Medicare Part B premium"We are relieved to learn that the Medicare Part B increase in 2024 won't be as high as we initially feared," The Senior Citizens League said in a statement.The rate beneficiaries pay for Medicare Part B is determined by modified adjusted gross income on their federal tax returns.
Those who earn above certain income thresholds pay extra toward their Medicare Part B premiums in what is known as income-related monthly adjustment amounts, or IRMAA.In 2024, IRMAA charges will apply to individuals with more than $103,000 and married couples with more than $206,000 in modified adjusted gross income on their 2022 federal tax returns. That is up from $97,000 for individuals and $194,000 for married couples this year.
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