The standard Medicare Part B premium will rise by nearly $10 a month next year to $174.70, the Centers for Medicare and Medicaid Services announced on Thursday.
The annual deductible for all Medicare Part B beneficiaries will be $240 next year, up $14 from $226 in 2023, the agency said. Most beneficiaries don’t pay a monthly premium for Part A. The Part A inpatient hospital deductible that patients pay if admitted to the hospital will be $1,632 in 2024, up from $1,600 in 2023, the agency said.
This healthcare news comes on the heels of the Social Security Administration’s announcement Thursday morning of the cost-of-living adjustment for 2024, which is 3.2%. That will add about $57 a month to the average retirement check.
Part B premiums are automatically deducted from most Social Security recipients’ benefits, so most retirees will net about $47 a month from the COLA once the increase to Part B is factored in.
For 2024, individuals with modified adjusted gross incomes above $103,000 will pay more for their Medicare Part B and Part D coverage, as will couples with incomes above $206,000. See the amounts here for what’s known as the Income-Related Monthly Adjustment Amounts, or IRMAA.
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