Medicare Part B 2024 Premium Increase: Set to Rise by $9.80 in 2024
In a recent announcement, the Centers for Medicare and Medicaid Services confirmed the Medicare Part B 2024 Premium Increase by $9.80 monthly. This adjustment will establish the premium for 2024 at $174.70, which is a noticeable increase, from the $164.90 charged in 2023.
Interestingly this aligns with the predictions made by Medicare trustees. Who had expected a monthly premium of $174.80 for the upcoming year.
Additionally beneficiaries should take note that there will be an increase in the deductible for Medicare Part B. It is set to be $240 in 2024 which represents a $14 rise compared to the years deductible of $226.
The reason behind this increase in both premium and deductible can be attributed primarily to the projected rise in healthcare expenses as indicated by the Centers, for Medicare and Medicaid Services.
Medicare Part B 2024 Premium Increase Announced
It’s essential to note that Medicare Part B 2024 Premium Increase will have implications on the annual Social Security cost-of-living adjustment.
Considering that Social Security benefit checks typically have Medicare Part B premium payments deducted from them the increase. In premiums will impact the adjustment received by beneficiaries.
As a result the Social Security Administration has announced a 3.2% boost in Social Security benefits for 2024. This translates to a increase of over $50 in retirement benefits.
There were discussions by The Senior Citizens League about the possibility of an increase in the Medicare Part B premium potentially as much as an additional $5, per month.
This speculation arose following the approval of a medication called Leqembi for Alzheimers disease. However, the league expressed their relief upon learning that the Medicare Part B 2024 Premium Increase wasn’t as steep as initially feared.
It’s important to note that individuals, with incomes will see an increase in their Medicare Part B payments. The amount they pay is based on their modified adjusted income as reported on their tax returns.
Starting in 2024 charges will apply to those earning than $103,000 for individuals and over $206,000 for couples.
Additionally the costs associated with Medicare Part A, which covers hospital care for inpatients will also rise in 2024. The deductible for the 60 days of care will be $1,632, up from $1,600, in 2023.
While the Medicare Part B 2024 Premium Increase is in line with previous projections, it’s crucial for beneficiaries to stay informed and plan accordingly.
