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How much will Medicare Part B premiums go up in 2024? Why will they cost more?

Medicare Part B premiums will be going up in price next year but by a very small amount after the cost actually fell for 2023.

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Medicare offers health insurance programs to adults aged 65 and older, as well as other eligible people who have specific medical situations or disabilities.

This insurance has different plans, known as parts A, B, C and D, each of which takes care of different needs.

Part A covers hospital and palliative care. Part B includes doctor visits, tests, and other services outside the hospital. Part C, or Medicare Advantage, combines Part A, Part B, and Part D to help pay for prescription drugs.

Each year, premium prices for all four plans change. Here’s how much Medicare Part B, which is deducted from Social Security checks, will cost.

How much will Medicare Part B premiums cost in 2024?

Each year, premium rates, as well as the Medicare Part B deductible and co-insurance, are determined in accordance with the provisions of the Social Security Act.

Part B premiums fell $5.20 this year. However, for 2024 premiums will increase, according to the Centers for Medicare and Medicaid Services (CMS).

The standard monthly premium for Medicare Part B enrollees will be $174.70 by 2024, an increase of $9.80. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the 2023 annual deductible.

Medicare Part B premiums are subject to annual adjustments to account for inflation and rising healthcare costs. As the cost of providing medical services increases, the premiums may be adjusted to keep pace with these rising expenses. They can also be affected by legislative adjustments.

Medicare Part B premium cost also dependent on income

A beneficiary’s monthly Part B premium is based on their income, so prices are higher for people who report higher income on their tax returns.

The cost of premiums for 2024 ranges from $174.70 for beneficiaries with an income of $206,000 or less, up to $594 for those with income of $500,000 or $750,000 for couples who file a joint return.

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

For more information, you can visit the official Medicare website or call 1-800-MEDICARE (1-800-633-4227).