The Centers for Medicare & Medicaid Services (CMS) has announced that the standard monthly Part B premium will be $174.70 in 2024, an increase of $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B enrollees in 2024 will be $240, an increase of $14 from the 2023 deductible of $226. The increases are mainly due to projected increases in healthcare spending.
Certain beneficiaries will continue to pay higher premiums based on their modified adjusted gross income. The monthly Part B premium that includes an income-related adjustment for 2024 will range from $244.60 to $594.00, depending on the extent to which an individual beneficiary’s modified adjusted gross income exceeds $103,000 (or $206,000 for a married couple). The highest rate applies to beneficiaries whose incomes exceed $500,000 (or $750,000 for a married couple). CMS estimates that about 8 percent of Medicare beneficiaries pay the income-adjusted premiums.
Beneficiaries in Medicare Part D prescription drug coverage plans pay premiums that vary from plan to plan. Part D beneficiaries whose modified adjusted gross income exceeds the same income thresholds that apply to Part B premiums also pay a monthly adjustment amount. In 2024, the adjustment amount ranges from $12.90 to $81.00.
The Railroad Retirement Board withholds Part B premiums, Part B income-related adjustments, and Part D income-related adjustments from benefit payments it processes. The agency can also withhold Part C and D premiums from benefit payments if an individual submits a request to his or her Part C or D insurance plan.
The following tables show the income-related Part B premium adjustments for 2024. The Social Security Administration (SSA) is responsible for all income-related monthly adjustment amount determinations. To make the determinations, SSA uses the most recent tax return information available from the Internal Revenue Service. That will usually be the beneficiary’s 2022 tax return information for 2024. If that information is not available, SSA will use information from the 2021 tax return.
Railroad retirement and social security Medicare beneficiaries affected by the 2024 income-related premiums will receive a notice from SSA by the end of the year. The notice will include an explanation of the circ*mstances when a beneficiary may request a new determination. Persons who have questions or would like to request a new determination should contact SSA after receiving their notice.
Additional information about Medicare coverage, including specific benefits and deductibles, can be found atMedicare.gov.
(See below for accompanying tables.)
2024PART B PREMIUMS
| Beneficiaries who file an individual tax return with income: | Beneficiaries who file a joint tax return with income: | Income-related monthly adjustment amount | Total monthly Part B premium amount |
|---|
| Less than or equal to $103,000 | Less than or equal to $206,000 | $0.00 | $174.70 |
| Greater than $103,000 and less than or equal to $129,000 | Greater than $206,000 and less than or equal to $258,000 | $69.90 | $244.60 |
| Greater than $129,000 and less than or equal to $161,000 | Greater than $258,000 and less than or equal to $322,000 | $174.70 | $349.40 |
| Greater than $161,000 and less than or equal to $193,000 | Greater than $322,000 and less than or equal to $386,000 | $279.50 | $454.20 |
| Greater than $193,000 and less than $500,000 | Greater than $386,000 and less than $750,000 | $384.30 | $559.00 |
| $500,000 and above | $750,000 and above | $419.30 | $594.00 |
The monthly premium rates paid by beneficiaries who are married, but file a separate return from their spouses and who lived with their spouses at some time during the taxable year, are different.Those rates are as follows:
| Beneficiaries who are married, but file a separate tax return, withincome: | Income-related monthly adjustment amount | Total monthly Part B premium amount |
|---|
| Less than or equal to $103,000 | $0.00 | $174.70 |
| Greater than $103,000 and less than $397,000 | $384.30 | $559.00 |
| $397,000 and above | $419.30 | $594.00 |
FAQs
If you don't buy Part A when you're first eligible for Medicare (usually when you turn 65), you might pay a penalty. Most people pay the standard Part B monthly premium amount ($174.70 in 2024). Social Security will tell you the exact amount you'll pay for Part B in 2024.
What changes are coming to Medicare in 2024? ›
New Medicare Benefits & Changes Starting Jan 1, 2024
- Prescription Drug Savings. ...
- Chronic Pain Management & Treatment Services. ...
- Lymphedema Compression Treatment Items. ...
- Mental Health Care (Outpatient) ...
- Changes to Telehealth Coverage. ...
- Medicare Advantage Provider Change Notification.
For tax year 2024, for family coverage, the annual deductible is not less than $5,550, an increase of $200 from tax year 2023; however, the deductible cannot be more than $8,350, an increase of $450 versus the limit for tax year 2023.
What will Medicare Part B cost in 2025? ›
IRMAA 2025 and into the Future:
| Single | Couple MAGI | Part B |
|---|
| $129,000 to $161,000 | $258,000 to $322,000 | $349.40 |
| $161,000 to $193,000 | $322,000 to $386,000 | $454.20 |
| $193,000 to $500,000 | $386,000 to $750,000 | $559.00 |
| > $500,000 | > $750,000 | $594.00 |
2 more rowsJun 4, 2024
The average monthly premium for a Part D plan is projected to be $55.50 in 2024, though plans vary. Learn more about what people with Medicare Part D will pay for their prescription drug plans in 2024.
Why is Social Security no longer paying Medicare Part B? ›
You Qualified for a Medicare Savings Program
Medicare Savings Programs help pay Medicare costs if you have limited income and assets. If you start getting assistance from one of these programs with your Part B premium, Social Security will no longer deduct the premium.
Will Medicare pay for cataract surgery in 2024? ›
Yes, Medicare covers cataract surgery. More specifically, original Medicare (Part A and Part B) covers the diagnosis and treatment of cataracts, including laser surgery, says Bob Rees, chief sales officer with eHealth Inc., a health insurance broker and online resource provider headquartered in Santa Clara, California.
What is the donut hole for 2024? ›
You enter the donut hole when you and your plan spend a total of $5,030 in 2024. In the donut hole, you pay up to 25% out of pocket for all covered medications. You leave the donut hole once you've spent $8,000 out of pocket for covered drugs in 2024. 2024 is the last year for the donut hole.
Is Medicare sending out new cards for 2024? ›
contact your plan directly to learn about your 2024 costs. Do you know what isn't new this year? Your Medicare card. Medicare beneficiaries are not receiving new cards this year, but scammers may try to convince you otherwise.
How do you qualify for $144 back from Medicare? ›
To qualify for the giveback, you must:
- Be enrolled in Medicare Parts A and B.
- Pay your own premiums (if a state or local program is covering your premiums, you're not eligible).
- Live in a service area of a plan that offers a Part B giveback.
There's no limit on out-of-pocket costs in Medicare (Part A and Part B). Medigap plans can help reduce the burden of out-of-pocket costs. Out-of-pocket limits for Medicare Advantage plans vary depending on the company selling the plan. Medical care can be expensive, even when you're covered by Medicare.
Does Medicare cover 100% of hospital bills? ›
Medicare doesn't typically cover 100% of your medical costs. Like most health insurance, Medicare generally comes with out-of-pocket costs including copayments, coinsurance, and deductibles. As you'll learn in this article, Original Medicare (Part A and Part B) costs can really add up.
How much will Medicare Part B premiums be in 2024? ›
Each year, the Medicare Part B premium, deductible, and coinsurance rates are determined according to provisions of the Social Security Act. 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.
What are the new Medicare rules for 2024? ›
In 2024, after paying the initial deductible, a person on Medicare will pay 25 percent of drug costs. They will have a cap of about $3,300 and will no longer pay five percent of drug costs in the catastrophic phase. In 2025, after paying the initial deductible, a person on Medicare will pay 25 percent of drug costs.
What income level triggers higher Medicare premiums? ›
For 2024, the standard Medicare Part B monthly rate is $174.70. But you will pay higher rates if you earned more than $103,000 on your individual 2022 tax return or more than $206,000 on a joint return. For instance, people who made $105,000 in 2022 will pay $244.60 per month for Medicare Part B in 2024.
What are the rates for Medicare Advantage in 2024? ›
The estimated average monthly Medicare Advantage plan premium for 2024 is $18.50, but this cost may vary based on the insurer and level of coverage. Some plan premiums could be $0, while others could be $200 or more.
How can I get my Medicare Part B premium reduced? ›
You can get your Part B reduction in 2 ways:
- If you pay your Part B premium through Social Security, the Part B Giveback will be credited monthly to your Social Security check.
- If you don't pay your Part B premium through Social Security, you'll pay a reduced monthly amount directly to Medicare.
