Standard Medicare Part B premiums are scheduled to increase by $9.80 per month in 2024

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The standard monthly premium for Medicare Part B will increase by $9.80 per month in 2024, according to the data Centers for Medicare and Medicaid Services.

That means the standard monthly premium will rise to $174.70 in 2024, up from $164.90 in 2023. The new rate is in line with previous projections from Medicare trustees for the had budgeted a standard monthly premium of $174.80 next year.

The annual deductible for Medicare Part B will be $240 in 2024, a $14 increase from the annual deductible of $226 in 2023.

According to the Centers for Medicare and Medicaid Services, Part B premium and deductible increases are primarily due to projected increases in health care spending.

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

More of the year-end planning

Here’s a look at more coverage on what to do financially as the end of the year approaches:

Monthly Part B premium payments are typically deducted directly from Social Security benefit checks. Consequently, the level of Medicare Part B premiums affects how much of the annual Social Security cost-of-living adjustment beneficiaries can receive. In 2024, Social Security benefits will rise 3.2%, the Social Security Administration announced Thursday, increasing pension benefits by an average of more than $50 per month.

A forecast from the Senior Citizens League, a nonpartisan seniors’ group, had predicted that the standard monthly premium for Medicare Part B would rise by up to $5 more per month after the approval of a new Alzheimer’s drug, to a total of $179.80 per month could rise. Leqembi.

“We are relieved to learn that the 2024 Medicare Part B increase will not be as large as we originally feared,” the Senior Citizens League said in a statement.

High-income beneficiaries pay more for Medicare Part B

There are many changes in retirement

In 2024, IRMAA fees will apply to individuals earning more than $103,000 and married couples earning modified adjusted gross income greater than $206,000 on their 2022 federal tax returns. That’s up from $97,000 for individuals and $194,000 for married couples this year.

The cost of Medicare Part A, which covers inpatient hospital care, is also expected to rise in 2024.

The Medicare Part A deductible for inpatient hospital stays, which applies to the first 60 days of care, will increase to $1,632 in 2024, an increase of $32 from $1,600 in 2023.

Beneficiaries will then pay a coinsurance amount of $408 per day, up from $400 in 2023, for the 61stst up to 90Th Day of hospitalization. This is followed by $816 per day, up from $800 in 2023, for lifetime reserve days.

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