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]