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

Category: General Medicare
Published: Oct, 12 2023 01:10:16

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:

    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 2023 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 2023 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/2023-medicare-parts-b-premiums-and-deductibles -2023-medicare-part-d-income-related-monthly
https://www.cms.gov/newsroom/fact-sheets/2022-medicare-parts-b-premiums-and-deductibles 2022-medicare-part-d-income-related-monthly-adjustment

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