q1medicare.com
Powered by Q1Group LLC
A non-government resource for the Medicare community
Powered by Q1Group LLC
A non-government Medicare community resource
  • Menu ☰
  • Home
  • Contact
  • MAPD
  • PDP
  • 2024
  • 2025
  • FAQs
  • Articles
  • Search ⌕
  • Contact
  • 2024
  • 2025
  • FAQs
  • Articles
  • Latest Medicare News
  • Search ⌕

Changes in 2024 Medicare Part A and Part B Premiums and Deductibles

Category: General Medicare
Published: Oct, 12 2023 01:10:16
< Previous
Next >
On October 12, 2023, the Centers for Medicare and Medicaid Services (CMS) announced that the both 2024 Medicare Part B premium and Part B deductible would increase 6%.  Likewise, Medicare Part B IRMAA paid by some higher-earning Medicare beneficiaries would increase slightly - whereas IRMAA payments for some lower categories will be reduced.  People who pay the 2024 Medicare Part A premium will see their premium either remain the same or decrease slightly.  However, the 2024 Medicare Part A deductible and cost-sharing will increase slightly.

Reminder:  What is Medicare Part A and Medicare Part B ?

Medicare Part A is Hospital Insurance covering your inpatient, skilled nursing facility, hospice, home health, and hospital care.  Most people (99%) will receive Medicare Part A coverage without paying any premium based on the length of employment history (over 40 quarters of employment as reported by the Social Security Administration). 

Medicare Part B is healthcare coverage for your doctor visits, home health care, durable medical equipment (such as wheelchairs), preventative care, and outpatient care.  Medicare beneficiaries who wish to have Part B coverage will need to pay a premium.  The amount of the Part B premium is based on the age of the beneficiary.

In more detail, CMS notes: "[Medicare] Part B is the voluntary portion of the Medicare program that pays all or part of the costs for physicians’ services; outpatient hospital services; certain home health services; services furnished by rural health clinics, ambulatory surgical centers, and comprehensive outpatient rehabilitation facilities; and certain other medical and health services not covered by Medicare Part A, Hospital Insurance.

Medicare Part B is available to individuals who are entitled to Medicare Part A, as well as to U.S. residents who have attained age 65 and are citizens and to non-citizens who were lawfully admitted for permanent residence and have resided in the United States for 5 consecutive years. Part B requires enrollment and payment of monthly premiums . . .." [formatting added]

A summary of the changes to 2024 Medicare Part A and Medicare Part B premiums and deductibles includes:
  • A 6% increase in 2024 Medicare Part B Premium and Part B Deductible.

    As CMS noted in their 2024 Fact Sheet:

    "The standard monthly premium for Medicare Part B enrollees will be $174.70 for 2024, an increase of $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the annual deductible of $226 in 2023."

    "The increase in the 2024 Part B standard premium and deductible is mainly due to projected increases in health care spending and, to a lesser degree, the remedy for the 340B-acquired drug payment policy for the 2018-2022 period under the Hospital Outpatient Prospective Payment System."

    As reference, the 2022 Medicare Part B premium was $170.10 (a 14.5% increase over the 2021 Medicare Part B premium of $148.50).  Accordingly, the 2023 Medicare Part B premium of $16.90 was a 3% decrease over the 2022 Part B premium.  And the 2023 Part B deductible was $226, a 4% decrease from the 2022 Part B deductible of $233.  (The 2021 Part B deductible was $203, the 2020 Part B deductible was $198, and the Part B deductible in 2019 was $185.)

  • Medicare enrollees who are 36-post-kidney transplant can pay an additional immunosuppressive Part B premium in 2024.

    In the 2024 Fact Sheet, CMS notes that, as started in 2023, "individuals whose full Medicare coverage ended 36 months after a kidney transplant and who do not have certain other types of insurance coverage can elect to continue Part B coverage of immunosuppressive drugs by paying a premium. For 2024, the standard immunosuppressive drug premium is $103.00 [- up from $97.10 in 2023]."

  • 2024 Part B Income-Related Monthly Adjustment Amounts (IRMAA) increase for some.

    Some people will see a slight increase in their 2024 IRMAA payments.  However, due to the annual inflation adjustments, people with reported income (MAGI) at the bottom of a the income bracket last year will now be at the top of the next-lower income bracket -- meaning, these people will move down to a lower IRMAA bracket (with a lower IRMAA).  The people moving to a lower bracket could see a decrease of about $12 to $18 in their IRMAA payments (You can see a comparison chart  here:
    https://q1medicare.com/news/2024-irmaa-payments-for-part-d-and-part-b/1023/16/).

    As an example, if your 2022 income was $102,000 (filing individual), your 2023 Part D IRMAA payment is an additional $12.20 per month and Part B IRMAA is $65.90.  In 2024, with the inflation adjustment to the IRMAA brackets, you will no longer have a Part D or Part B IRMAA payment.

    Medicare beneficiaries who report taxable income above $103,000 a year ($206,000 for people filing jointly) are responsible to cover a larger portion of the cost of their 2024 Medicare Part B coverage and pay a higher monthly Medicare Part B premium with IRMAA adjustments ranging from an additional $69.90 to an additional $419.30 (per month).

  • A slight increase in 2024 Medicare Part A Deductible (and cost-sharing).

    The 2024 Medicare Part A inpatient deductible will be $1,632 - a $32 increase over the 2023 Medicare Part A deductible of  $1,600 - which was a $44 increase over the 2022 Part A deductible of $1,556.  (As reference, the 2022 Part A deductible was an increase of $72 over the 2021 Part A deductible of $1,484 - the Part A deductible was $1,408 in 2020 and the 2019 Part A deductible was $1,364.)

    As noted by CMS:
    "The Part A inpatient hospital deductible covers beneficiaries’ share of costs for the first 60 days of Medicare-covered inpatient hospital care in a benefit period. In 2024, beneficiaries must pay a coinsurance amount of $408 per day for the 61st through 90th day of a hospitalization ($400 in 2023 [and $389 in 2022]) in a benefit period and $816 per day for lifetime reserve days ($800 in 2023 [and $778 in 2022]). For beneficiaries in skilled nursing facilities, the daily coinsurance for days 21 through 100 of extended care services in a benefit period will be $204.00 in 2024 ($200.00 in 2023 [and $194.50 in 2022])."

  • A slight increase in 2024 Medicare Part A Premium for certain Medicare beneficiaries.

    As noted by CMS:  "Enrollees age 65 and older who have fewer than 40 quarters of coverage and certain persons with disabilities pay a monthly premium in order to voluntarily enroll in Medicare Part A. Individuals who had at least 30 quarters of coverage or were married to someone with at least 30 quarters of coverage may buy into Part A at a reduced monthly premium rate, which will be $278 in 2024, the same amount as 2023 [which was a $4 increase from 2022]. Certain uninsured aged individuals who have less than 30 quarters of coverage and certain individuals with disabilities who have exhausted other entitlement will pay the full premium, which will be $505 a month in 2024, a $1 decrease from 2023 [which was a a $7 increase from 2022]."



Sources include:
https://www.cms.gov/newsroom/fact-sheets/2024-medicare-parts-b-premiums-and-deductibles
https://www.cms.gov/newsroom/fact-sheets/2023-medicare-parts-b-premiums-and-deductibles -2023-medicare-part-d-income-related-monthly
https://www.cms.gov/newsroom/press-releases/cms-announces-2022-medicare-part-b-premiums
https://www.cms.gov/newsroom/press-releases/2021-medicare-part-b-premiums-remain-steady
https://www.cms.gov/newsroom/fact-sheets/2022-medicare-parts-b-premiums-and-deductibles 2022-medicare-part-d-income-related-monthly-adjustment
https://www.cms.gov/newsroom/fact-sheets/2021-medicare-parts-b-premiums-and-deductibles
https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance
https://www.cms.gov/files/document/2021-medicare-trustees-report.pdf






News Home
< Previous   Next >




Medicare Supplements
fill the gaps in your
Original Medicare
1. Enter Your ZIP Code:
» Medicare Supplement FAQs


News Categories
Selecting your Medicare plan
Star Ratings & plan quality
Annual Medicare plan changes
Enrollment topics
Late Enrollment Penalty (LEP)
Your Formulary (Drug List)
Monthly Formulary changes
Your Medicare plan coverage
Pharmacies & Providers
Changing Medicare plans
Special Enrollment Periods (SEPs)
The Donut Hole or Coverage Gap
Donut Hole Discounts
Straddle Claims and high costs
Out-of-Pocket: TrOOP, RxMOOP, and MOOP
Medicaid, LIS, & Extra Help
IRMAA - for higher incomes
Medicare Advantage plans (MAPD)
Medicare Supplements - Medigap
Medicare plan providers
General Medicare Part D (PDP)
General Medicare
Diabetes and diabetic coverage
Your Health & Wellness
About Q1Medicare.com


Ask a Pharmacist*
Have questions about your medication?

» Answers to Your Medication Questions, Free!
Available Monday - Friday
8am to 5pm MST
*A free service included with your no cost drug discount card.


© Q1Group LLC 2005 - 2024  



Tips & Disclaimers
  • Q1Medicare®, Q1Rx®, and Q1Group® are registered Service Marks of Q1Group LLC and may not be used in any advertising, publicity, or for commercial purposes without the express authorization of Q1Group.
  • The Medicare Advantage and Medicare Part D prescription drug plan data on our site comes directly from Medicare and is subject to change.
  • Medicare has neither reviewed nor endorsed the information on our site.
  • We provide our Q1Medicare.com site for educational purposes and strive to present unbiased and accurate information. However, Q1Medicare is not intended as a substitute for your lawyer, doctor, healthcare provider, financial advisor, or pharmacist. For more information on your Medicare coverage, please be sure to seek legal, medical, pharmaceutical, or financial advice from a licensed professional or telephone Medicare at 1-800-633-4227.
  • We are an independent education, research, and technology company. We are not affiliated with any Medicare plan, plan carrier, healthcare provider, or insurance company. We are not compensated for Medicare plan enrollments. We do not sell leads or share your personal information.
  • Benefits, formulary, pharmacy network, provider network, premium and/or co-payments/co-insurance may change on January 1 of each year. Our PDPCompare.com and MACompare.com provide highlights of annual plan benefit changes.
  • The benefit information provided is a brief summary, not a complete description of benefits. For more information contact the plan.
  • Limitations, copayments, and restrictions may apply.
  • We make every effort to show all available Medicare Part D or Medicare Advantage plans in your service area. However, since our data is provided by Medicare, it is possible that this may not be a complete listing of plans available in your service area. For a complete listing please contact 1-800-MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov.
    Statement required by Medicare:
    "We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options."
  • When enrolling in a Medicare Advantage plan, you must continue to pay your Medicare Part B premium.
  • Medicare beneficiaries with higher incomes may be required to pay both a Medicare Part B and Medicare Part D Income Related Monthly Adjustment Amount (IRMAA). Read more on IRMAA.
  • Medicare Advantage plans that include prescription drug coverage (MAPDs) are considered Medicare Part D plans and members with higher incomes may be subject to the Medicare Part D Income Related Monthly Adjustment Amount (IRMAA), just as members in stand-alone Part D plans. In certain situations, you can appeal IRMAA.
  • You must be enrolled in both Medicare Part A and Part B to enroll in a Medicare Advantage plan. Members may enroll in a Medicare Advantage plan only during specific times of the year. Contact the Medicare plan for more information.
  • If you are enrolled in a Medicare plan with Part D prescription drug coverage, you may be eligible for financial Extra Help to assist with the payment of your prescription drug premiums and drug purchases. To see if you qualify for Extra Help, call: 1-800-MEDICARE (1-800-633-4227). TTY users should call 1-877-486-2048, 24 hours a day/ 7 days a week or consult www.medicare.gov; the Social Security Office at 1-800-772-1213 between 7 a.m. and 7 p.m., Monday through Friday. TTY users should call, 1-800-325-0778; or your state Medicaid Office.
  • Medicare evaluates plans based on a 5-Star rating system. Star Ratings are calculated each year and may change from one year to the next.
  • A Medicare Advantage Private Fee-for-Service plan (PFFS) is not a Medicare supplement plan. Providers who do not contract with the plan are not required to see you except in an emergency.
  • Disclaimer for Institutional Special Needs Plan (SNP): This plan is available to anyone with Medicare who meets the Skilled Nursing Facility (SNF) level of care and resides in a nursing home.
  • Disclaimer for Dual Eligible (Medicare/Medicaid) Special Needs Plan (SNP): This plan is available to anyone who has both Medical Assistance from the State and Medicare. Premiums, co-pays, co-insurance, and deductibles may vary based on the level of Extra Help you receive. Please contact the plan for further details.
  • Disclaimer for Chronic Condition Special Needs Plan (SNP): This plan is available to anyone with Medicare who has been diagnosed with the plan specific Chronic Condition.
  • Medicare MSA Plans combine a high deductible Medicare Advantage Plan and a trust or custodial savings account (as defined and/or approved by the IRS). The plan deposits money from Medicare into the account. You can use this money to pay for your health care costs, but only Medicare-covered expenses count toward your deductible. The amount deposited is usually less than your deductible amount, so you generally have to pay out-of-pocket before your coverage begins.
  • Medicare MSA Plans do not cover prescription drugs. If you join a Medicare MSA Plan, you can also join any separate (stand-alone) Medicare Part D prescription drug plan
  • There are additional restrictions to join an MSA plan, and enrollment is generally for a full calendar year unless you meet certain exceptions. Those who disenroll during the calendar year will owe a portion of the account deposit back to the plan. Contact the plan provider for additional information.
  • Medicare beneficiaries may enroll through the CMS Medicare Online Enrollment Center located at www.medicare.gov.
  • Medicare beneficiaries can file a complaint with the Centers for Medicare & Medicaid Services by calling 1-800-MEDICARE 24 hours a day/7 days or using the medicare.gov site. Beneficiaries can appoint a representative by submitting CMS Form-1696.
.