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
Medicare Part B Premium and Deductible
How much will Medicare Part B premium be in 2024? ›
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.
Is Medicare free for seniors age 65 and older? No, most seniors pay between $175 and $371 per month depending on what kinds of Medicare coverage they buy. However, seniors who have a low income can qualify for free or reduced-cost Medicare.
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 will Medicare Part B cost in 2025? ›
| 2025 |
|---|
| Individual's MAGI | Part B Premium | Part D Premium |
|---|
| Married filing separately | Part B Premium | Part D Premium |
| < $102,000 | $185.00 | Premium (varies) |
| $102,000 to $403,000 | $591.90 | $78.60 |
16 more rowsOct 7, 2023
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.
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.
What are the income limits for Medicare in 2024? ›
Monthly Medicare Premiums for 2024
| Modified Adjusted Gross Income (MAGI) | Part B monthly premium amount |
|---|
| Individuals with a MAGI of less than or equal to $103,000 | 2024 standard premium = $174.70 |
| Individuals with a MAGI above $103,000 and less than $397,000 | Standard premium + $384.30 |
1 more rowYou 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.
What is the Part A deductible for 2024? ›
In 2024, the Medicare Part A deductible is $1,632 per benefit period and the Part B annual deductible is $240.
What is considered high income for Medicare Part B? ›
I know that people with higher incomes are required to pay higher premiums for Medicare Part B and Part D. How will these higher premiums affect me? Medicare beneficiaries with incomes above $103,000 for individuals and $206,00 for married couples are required to pay higher premiums.
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.
How much will Medicare Part G cost in 2024? ›
What is the Plan G deductible in 2024? $240 – the annual Part B deductible in 2024 is what you will pay for your Plan G deductible. However, Plan G does not have its own deductible separate from the Part B deductible. There is also a High Deductible Plan G which has a deductible of $2,800 in 2024.
What is the rate increase for Medicare Advantage in 2024? ›
Payment to MA plans is projected to be 3.32% higher, on average, in 2024 than 2023 based on the final 2024 Rate Announcement.
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.
1 - Plans F and G also have a high deductible option which require first paying a plan deductible of $2,800 (in 2024) before the plan begins to pay.
How do I get my $800 back from Medicare? ›
Medicare Reimbursem*nt Account (MRA)
Basic Option members who pay Medicare Part B premiums can be reimbursed up to $800 each year. You must submit proof of Medicare Part B premium payments through the online portal, EZ Receipts app or by fax or mail.
Is Medicare free at age 65 for seniors? ›
People age 65 or older, who are citizens or permanent residents of the United States, are eligible for Medicare Part A. You're eligible for Part A at no cost at age 65 if 1 of the following applies: • You receive or are eligible to receive benefits from Social Security or the Railroad Retirement Board (RRB).
