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
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.
What is the Part B deductible for 2024? ›
In 2024, the Medicare Part A deductible is $1,632 per benefit period and the Part B annual deductible is $240. The Centers for Medicare & Medicaid Services (CMS) releases new premiums, deductibles and coinsurance amounts for Part A, Part B and the Medicare Part D income-related monthly adjustment amounts every fall.
Are Medicare premiums going up in 2024? ›
In 2024 the standard monthly premium will be $174.70, up $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, is $14 more than the 2023 deductible of $226. You'll pay more if you're a high earner.
What income is used to determine Medicare premiums in 2024? ›
So, the SSA looks at your 2022 tax returns to see if you must pay an IRMAA in 2024. For 2024, beneficiaries whose 2022 income exceeded $103,000 (individual return) or $206,000 (joint return) will pay a total premium amount ranging from $244.60 to $594.00 depending on income.
How much will the Medicare Part D plan cost in 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.
What is the Medicare SNF copay for 2024? ›
Skilled Nursing Facility (SNF) Care
Medicare pays 100% of the first 20 days of a covered SNF stay. A copayment of $204 per day (in 2024) is required for days 21-100 if Medicare approves your stay.
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.
What is the proposed Medicare Advantage rate for 2024? ›
Fact Sheets Fact Sheet: 2024 Medicare Advantage and Part D Rate Announcement
| Impact | 2024 Advance Notice | 2024 Rate Announcement |
|---|
| Effective Growth Rate | 2.09% | 2.28% |
| Rebasing/Re-pricing | N/A[1] | 0.00% |
| Change in Star Ratings2 | -1.24% | -1.24% |
| Medicare Advantage Coding Pattern Adjustment | 0% | 0% |
3 more rowsMar 31, 2023
Like Plan F, Plan G has an option called High Deductible Plan G, also with a $2,800 deductible (in 2024).
What happens to Medicare in 2025? ›
In 2025, the government will increase the compensation for initial enrollments in Medicare Advantage and Part D plans by $100—more than three times higher than CMS initially proposed. “It's much higher than most people in our business were anticipating,” says Musick.
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 is the Medicare tax rate in 2024? ›
The FICA tax rate, which is the combined Social Security rate of 6.2 percent and the Medicare rate of 1.45 percent, remains 7.65 percent for 2024 (or 8.55 percent for taxable wages paid in excess of the applicable threshold).
Do high income earners pay more for Medicare? ›
If you have a higher income, you'll pay an additional premium amount for Medicare Part B and Medicare prescription drug coverage. We call the additional amount the “income-related monthly adjustment amount.” Here's how it works: Part B helps pay for your doctors' services and outpatient care.
Will Medicare Part B premium increase in 2024? ›
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.
What is the Medicare Part A deductible for 2024? ›
The Medicare Part A deductible for inpatient hospital services will increase by $32 in calendar year 2024, to $1,632, the Centers for Medicare & Medicaid Services announced Oct. 12.
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.
What is the Part D deductible for 2025? ›
Thanks to the Inflation Reduction Act, President Biden's lower-cost prescription drug law, annual out-of-pocket costs will be capped at $2,000 for people with Medicare Part D in 2025, leading to even more savings for people with Medicare Part D in CY 2025.
How do you qualify for $144 back from Medicare? ›
To be eligible for the Medicare Part B Giveback Benefit, you must:
- Be enrolled Original Medicare (Parts A and B)
- Pay your own Part B premium.
- Live in the service area of a plan that offers a Part B giveback.
Does Medicare Part B run on a calendar year? Yes, Medicare Part B does run on a calendar year. The annual deductible will reset each January 1st.
