Medicare: How much will Part B premiums cost in 2024?

For several decades, Medicare has offered health insurance programs for adults age 65 and older, as well as other eligible people who are in specific medical situations or have a disability.

Medicare has different plans, known as parts A, B, C and D, which cover different needs. Social Security beneficiaries have access to Medicare Part A and Part B. However, part of the cost of the latter plan's premiums is deducted from Social Security checks.

Part B helps pay for your doctors’ services and outpatient care, as well as physical and occupational therapy, and some home health care. For most beneficiaries, the government pays a substantial portion (about 75%) of the Part B premium and the beneficiary pays the remaining 25%, but what does it cost?

How much will Medicare Part B premiums cost in 2024?

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

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.

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In 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 in 2024, an increase of $9.80. On the other hand, the annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the 2023 annual deductible.

Premium costs for 2024 range from $174.70 for beneficiaries with income of $206,000 or less, up to $594 for those with income of $500,000 or $750,000 for couples filing jointly. Here You can consult all the prices of the different premiums according to income.

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