On October 12, the Centers for Medicare & Medicaid Services (CMS) announced the Medicare Part A and Part B 2024 premiums, deductibles, and coinsurance amounts!
You will notice that Part B premiums and deductibles are higher than last year, and this is due to projected increases in spending, as well as to remedy the 340B-Acquired Drug Payment Policy from 2018 to 2022.
Part B 2024 Costs
For 2024, the monthly Medicare Part B premium will be $174.70, an increase of $9.80 from $164.90 in 2023. The annual deductible for Medicare Part B beneficiaries will increase $14 from $226 in 2023 to $240 in 2024.
Here’s how your clients’ annual incomes will affect their Medicare Part B monthly premiums for 2024.
Full Part B Coverage
| File Individual Tax Return | File Joint Tax Return | Monthly Adjustment | 2024 Part B Monthly Premium |
| $103,000 or Less | $206,000 or Less | $0.00 | $174.70 |
| $103,001 to $129,000 | $206,001 to $258,000 | $69.90 | $244.60 |
| $129,001 to $161,000 | $258,001 to $322,000 | $174.70 | $349.40 |
| $161,001 to $193,000 | $322,001 to $386,000 | $279.50 | $454.20 |
| $193,001 to $499,000 | $386,001 to $749,999 | $384.30 | $559.00 |
| $500,000 or More | $750,000 or More | $419.30 | $594.00 |
Part B Immunosuppressive Drug Coverage Only
| File Individual Tax Return | File Joint Tax Return | Monthly Adjustment | 2024 Part B Monthly Premium |
| $103,000 or Less | $206,000 or Less | $0.00 | $103.00 |
| $103,001 to $129,000 | $206,001 to $258,000 | $68.70 | $171.70 |
| $129,001 to $161,000 | $258,001 to $322,000 | $171.70 | $274.70 |
| $161,001 to $193,000 | $322,001 to $386,000 | $274.70 | $377.70 |
| $193,001 to $499,000 | $386,001 to $749,999 | $377.70 | $480.70 |
| $500,000 or More | $750,000 or More | $412.10 | $515.10 |
Full Part B Coverage
| File Separate Tax Return from Spouse | Monthly Adjustment | 2024 Part B Monthly Premium |
| $103,000 or Less | $0.00 | $174.70 |
| $103,001 to $396,999 | $384.30 | $559 |
| $397,000 or More | $419.30 | $594 |
Part B Immunosuppressive Drug Coverage Only
| File Separate Tax Return from Spouse | Monthly Adjustment | 2024 Part B Monthly Premium |
| $103,000 or Less | $0.00 | $103.00 |
| $103,001 to $396,999 | $377.70 | $480.70 |
| $397,000 or More | $412.10 | $515.10 |
Part A 2024 Costs
Medicare Part A is premium-free for more than 99 percent of beneficiaries. Less than one percent of Medicare beneficiaries must pay the Part A premium because they do not have at least 40 quarters of Medicare-covered employment. Those who have paid Medicare taxes for less than 30 quarters will pay a Part A premium of $505 per month in 2024, down from $506 per month in 2023 — a $1 decrease. Beneficiaries who have paid Medicare taxes for at least 30 quarters or were married to someone with at least 30 quarters of coverage will pay a Part A premium of $278 per month in 2024, which is the same amount as 2023.
The Medicare Part A inpatient hospital deductible that beneficiaries will pay when admitted to the hospital for 2024 will be $1,632, which is an increase of $32 from $1,600 in 2023.
2024 Part A Deductible & Coinsurance Amounts
| Type of Cost Sharing | 2023 | 2024 |
| Inpatient Hospital Deductible | $1,600 | $1,632 |
| Daily Coinsurance for Days 61 to 90 | $400 | $408 |
| Daily Coinsurance for Lifetime Reserve Days | $800 | $816 |
| Skilled Nursing Facility Coinsurance | $200 | $204 |
The best insurance agents are the most knowledgeable about information like this that directly impacts the abilities of their clients to afford quality Medicare coverage. By staying up to date, you can serve as a well-informed, reliable, and trusted guide for your clients throughout the insurance sales process.
Editor’s Note: Table information is from The Centers for Medicare & Medicaid Services.
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