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Higher Medicare Part B Premiums For 2024

Craig Kirscht • Nov 28, 2023

Medicare Part B Premiums for 2024

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.

By Craig Kirscht 07 May, 2024
The Kirscht Insurance Agency is dedicated to raising awareness about the challenges seniors face, including the often overlooked risks of social isolation. Our goal is to inform and empower our community to better support the elderly, ensuring their health and well-being. The Difference Between Social Isolation and Loneliness It's crucial to distinguish between social isolation and loneliness when discussing senior health. Social isolation refers to the objective lack of social connections and regular interactions, whereas loneliness is the subjective, distressing feeling of being alone. Importantly, one can be isolated without feeling lonely, and conversely, feel lonely even in a crowd if the emotional connections are lacking. The Health Risks of Isolation and Loneliness Physical Health Concerns Social isolation and prolonged loneliness can significantly impact physical health. Research has shown that isolated seniors have a heightened risk of developing severe conditions such as heart disease and stroke. For instance, isolated individuals face a 29% increased risk of heart disease and a 32% higher likelihood of stroke. The biological response to prolonged loneliness can trigger inflammation, contributing to these and other chronic conditions. Psychological Effects: Depression The psychological impact of loneliness can be equally debilitating. Seniors experiencing social isolation are at a higher risk of depression, which in turn can lead to further withdrawal from social interactions. This creates a vicious cycle, where depression intensifies feelings of loneliness, further isolating the individual. Cognitive Decline Social interactions play a crucial role in maintaining cognitive health. Engaging in meaningful conversations stimulates various cognitive functions, including memory and focus. Without regular social contact, seniors are at an increased risk of cognitive decline, including conditions like Alzheimer's and other forms of dementia. Increased Mortality Risk Isolation not only affects quality of life but also longevity. Studies have linked social isolation to an increased mortality risk, exacerbated by the physical and cognitive declines associated with it. Moreover, isolated seniors may face difficulties accessing medical care, which can delay treatment for critical conditions. Strategies to Combat Social Isolation Combatting social isolation involves proactive efforts to enhance social interactions. Encouraging regular contact with family and friends, whether through scheduled visits or technology like video chats, can make a significant difference. Additionally, community centers and senior clubs offer valuable opportunities for seniors to connect with peers and engage in social activities. How The Kirscht Insurance Agency Can Help  At The Kirscht Insurance Agency, we understand the profound impact social isolation can have on seniors. We are here to support and provide resources for families navigating these challenges. If you or a loved one are facing issues related to social isolation or loneliness, we encourage you to contact us. Our team is committed to offering support and solutions to improve the health and well-being of seniors in our community.
By Craig Kirscht 15 Apr, 2024
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