The Centers for Medicare & Medicaid Services (CMS) recently released the Medicare Part B premiums and deductible and the Part A deductible and coinsurance that will take effect on January 1, 2024. The standard Part B premium will increase by nearly 6 percent and the Part B deductible for all Medicare beneficiaries will increase by just over 6 percent. The Medicare Part A inpatient deductible and coinsurance for hospital stays and care in a skilled nursing facility will increase by 2 percent.
In 2024, the standard monthly Part B premium will be $174.70, an increase of $9.80( 6%). The annual deductible for Medicare Part B beneficiaries will be $240 in 2024, an increase of $14. Although Medicare Part B will generally cost $174.70 monthly in 2024, about 8% of Medicare Part B beneficiaries with higher incomes will pay more, the centers said. For example, someone with gross income between $103,000 and $129,000 will pay $244.60 a month for Part B instead of the standard $174.70. On the highest end, someone whose income is at least a half million dollars will pay $594 monthly.
Since 2007, high-income Medicare-eligible individuals who enroll in the Part B program have been required to pay a monthly Part B premium that is higher than the standard premium on a sliding scale. The Part B premium for high-income Medicare-eligible individuals varies depending upon an enrollee’s modified adjusted gross income and income tax filing status. The income-adjusted premiums for 2024 are shown on the table below.
The increase in standard Medicare Part B premiums for 2024 comes off a $5.20 monthly decline in 2023 from 2022. The centers had cut the fee after lower-than-projected spending on both the controversial Alzheimer’s drug Aduhelm and other Part B items and services. Medicare Part B premium and the deductible are rising in 2024 because of projected increases in health care spending that are driving prices higher and, to a lesser degree, having to repay providers for underpayment from 2018 to 2022.
Keep an eye out for additional newsletter articles and emails or links that we may send to you. We are finding that it is easier to provide you information or gather information from you, by sending you videos to watch or fillable documents you can complete and submit to provide us vital information. I know that some of you don’t have access to a computer, but know that you can view the videos or fill out the forms on your phone is you have an iPhone or other smart phone. And if you do not have a smart phone, we are just a phone call or text away. Change is usually daunting and unwelcome, but it is inevitable. Please rely on myself and our staff to make sure that you are well covered for whatever “changes” come this fall. You can reach me at (720)375-5479. If I am unavailable, please leave a very specific and detailed message, or email me your concerns, and I will get back to you as soon as I possibly can.
We do not offer every plan available in your area. Currently we represent 9 organizations which offer 67 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.
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