On October 12, 2023, the Centers for Medicare & Medicaid Services (CMS) released the 2024 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs, and the 2024 Medicare Part D income-related monthly adjustment amounts.
These Medicare plan changes are causing many seniors to be outraged as the cost for healthcare drives upward.
Each year the Medicare Part B premium, deductible, and coinsurance rates are determined 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 $164.90 in 2023.
However, if you are a high-income earner–meaning you earn more than $206,000 taxable income as a married couple and more than $103,000 as a single-person– you can find out what your Part B will be since you pay Income Related Monthly Adjustment Amounts (IRMAA). IRMAA premiums can be found here.
If you have enrolled into a Medicare Advantage plan, the original medicare deductible likely does not apply to you since your Private Insurance plan has stated its own benefits. The original medicare deductible mostly affects folks on original medicare paired with a medicare supplement.
The annual deductible for all Medicare Part B beneficiaries is $240 in 2024, an increase of $14 from the annual deductible of $226 in 2023.
* If you are enrolled into Medicare supplement Plan F–you still do not pay the Part B Deductible.
* If you are enrolled into Medicare supplement Plan G–this change does apply to you.
The bottom line is that prices are going up, not only in healthcare, but in food, gas and other areas. Inflation is real.
If these Medicare premiums are becoming too burdensome, please contact our offices to learn about methods to lower your medical and healthcare costs. You can also learn about how to apply for Medicare Extra Help, here.