Medicare 2024 Part A & Part B Premiums, Deductibles, and More
On October 12, 2023, the Centers for Medicare & Medicaid Services (CMS) unveiled the 2024 premiums, deductibles, and coinsurance for Medicare Part A, Part B, and Part D. Discover how these changes affect millions of beneficiaries.
Medicare Savings Programs (MSPs) assist over 10 million people with Medicare premium coverage and cost-sharing. The Department of Health and Human Services (HHS), through CMS, recently streamlined MSP enrollment, providing affordable coverage to approximately 860,000 individuals. Additionally, the Part D low-income subsidy (LIS) helps lower prescription drug costs, and the Inflation Reduction Act expanded eligibility for full LIS.
Medicare Part B Premium and Deductible for 2024
Medicare Part B covers essential medical services and durable medical equipment. The standard monthly premium for 2024 is $174.70, a $9.80 increase from 2023. The annual deductible rises to $240, up by $14. These changes result from projected healthcare spending and adjustments to the 340B-acquired drug payment policy.
Immunosuppressive drug coverage under Part B comes at a standard premium of $103.00 in 2024.
Medicare Part B Income-Related Monthly Adjustment Amounts
Part B premiums vary based on income. For high-income beneficiaries with full Part B coverage, the 2024 premiums range from $174.70 to $594.00. Those with immunosuppressive drug-only coverage face premiums between $103.00 and $515.10.
Married individuals who file separate returns see adjusted premiums from $174.70 to $594.00 for full Part B coverage and $103.00 to $515.10 for immunosuppressive drug-only coverage.
Medicare Part A Premium and Deductible for 2024
Most beneficiaries don’t pay a Part A premium. The Part A inpatient hospital deductible is $1,632 in 2024, with corresponding coinsurance for hospital and skilled nursing facility stays.
Monthly premiums for those with fewer than 40 quarters of coverage range from $278 to $505.
To find out more about the 2024 Medicare Parts A and B premiums and deductibles, visit CMS’s official page.
Medicare Part D Income-Related Monthly Adjustment Amounts for 2024
Part D premiums for high-income beneficiaries in 2024 range from $12.90 to $81.00, based on income. These adjustments apply in addition to the standard Part D premium.
For married individuals who file separately, premiums range from $12.90 to $81.00.
Explore these Medicare changes and their impact on your healthcare costs in 2024. Check us out HERE!
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