In March 2023, the Medicare Trustees estimated that the 2024 Medicare Part B premium increase would be 6%. However, many thought the 2024 Medicare Part B premium would rise because of the recent Food and Drug Administration (FDA) approval of the Alzheimer’s medication Leqembi. This was based on 2022’s premium increase history.
The 2022 Part B premium experienced a 15% increase after the Alzheimer’s medication Aduhelm was approved. The Centers for Medicare and Medicaid Services (CMS) later admitted to overestimating those costs, causing a 3% decrease in premiums for 2023.
Medicare beneficiaries everywhere are relieved to know that history won’t repeat itself—at least, not in 2024.
The 2024 standard monthly Medicare Part B premium will increase by 6% between 2023’s $164.90 per month and 2024‘s $174.70. This is an annual increase of $117.60 per person and $235.20 for couples. That comes out to be $9.80 more per month per person.
The rate of increase is nearly equal to what was experienced in 2020 – a 7% increase.
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Cost of the Medicare Part B Premium 2011-2024 & % of Annual Change
Year
Medicare Part B Premium
% of Annual Change
2024
$174.70
6%
2023
$164.90
-3%
2022
$170.10
15%
2021
$148.50
3%
2020
$144.60
7%
2019
$135.50
1%
2018
$134.00
0%
2017
$134.00
10%
2016
$121.80
16%
2015
$104.90
0%
2014
$104.90
0%
2013
$104.90
5%
2012
$99.90
-13%
2011
$115.40
4%
Medicare Part B Premium IRMAA Adjustments
Your Medicare Part B premium could be higher depending on your income. Suppose your Modified Adjusted Gross Income (MAGI), as reported on your IRS tax return two years ago, is higher than a certain amount. In that case, you’ll pay the standard premium and an Income Related Monthly Adjustment Amount (IRMAA).
IRMAA is an extra charge beneficiaries pay in addition to the standard premium.
Review the table below to see how much your monthly Part B premium will be – depending on your income from two years ago.
2024 Medicare Part B Premium & Income Related Monthly Adjustment Amount (IRMAA)
File individual tax return
File joint tax return
File married & separate tax return
You pay each month
$103,000 or less
$206,000 or less
$103,000 or less
$174.70
Above $103,000 up to $129,0000
Above $206,000 up to $258,000
Not applicable
$244.60
Above $129,000 up to $161,0000
Above $258,000 up to $322,000
Not applicable
$349.40
Above $161,000 up to $193,000
Above $322,000 up to $386,000
Not applicable
$454.20
Above $193,000 and less than $500,000
Above $386,000 and less than $750,000
Above $103,000 and less than $397,000
$559.00
$500,000 or above
$750,000 or above
$397,000 or above
$594.00
If you receive a Social Security, Railroad Retirement Board, or Office of Personnel Management benefit, the Part B premium can be automatically deducted from your benefit payment. You’ll receive a monthly or quarterly premium invoice if you don’t receive these benefits.
Agent tip:
“There are several ways to reduce your Medicare Part B premium. You can appeal your IRMAA adjustment, explore Medicare Advantage plans, or if you’re low-income there are programs that can help.“
How to Appeal a Medicare Part B IRMAA Adjustment
There are some situations where you can appeal an IRMAA adjustment. These include having the IRMAA based on a tax amount that is inaccurate or out-of-date or one of seven life-changing events.
These seven life-changing events include:
Death of spouse
Marriage
Divorce or annulment
Work reduction
Work stoppage
Loss of income from income-producing property
Loss or reduction of certain kinds of pension income.
When any of these occur, you can request an appeal in writing by completing a request for reconsideration form with the Social Security Administration. You can also call the Social Security Administration at 1-800-772-1213.
How to Reduce Your Medicare Part B Premium
Are you paying a monthly premium and looking for ways to reduce it? If you are lower-income and meet specific criteria, you may qualify for a Medicare Savings Program. Three programs (Qualified Medicare Beneficiary Program, Specified Low-Income Beneficiary Program, and Qualifying Individual Program) could help you pay for all or most of your Medicare Part B premium.
Also, some Medicare Advantage plans can reduce the cost of the Part B premium through a give-back benefit.
To see if you qualify for a Medicare Savings Program or a give-back benefit, speak to a local licensed Connie Health agent who can help you navigate your Medicare journey. Call (623) 223-8884.
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The Part B deductible is the amount you pay for your prescriptions and healthcare before Original Medicare Part B starts cost-sharing your healthcare expenses. The deductible is annual and resets each plan year. The amount of the deductible also changes annually.
Each year you’re enrolled in Medicare Part B, you must pay your deductible out-of-pocket before Medicare cost-shares. Almost any item or service that Part B covers counts towards your annual deductible.
In 2024, the Medicare Part B deductible is $240. That is an increase from $226 in 2023, or $14.00 annually (6%).
The Medicare Part B deductible and premium change at the same percentage rate each year. Only a couple of years since 2011 have seen the deductible increase at a higher percentage than the Part B premium.
Cost of the Medicare Part B Deductible 2011-2024 & % of Annual Change
Year
Medicare Part B Deductible
% of Annual Change
2024
$240
6%
2023
$226
-3%
2022
$233
15%
2021
$203
3%
2020
$198
7%
2019
$185
1%
2018
$183
0%
2017
$183
10%
2016
$166
13%
2015
$147
0%
2014
$147
0%
2013
$147
5%
2012
$140
-14%
2011
$162
5%
How Much is Medicare Part B Coinsurance and Copayments?
After your deductible is met ($240 in 2024), you pay 20% coinsurance for Medicare-approved doctor services, outpatient therapies, and Durable Medical Equipment (DME).
Original Medicare does not have a maximum on these out-of-pocket expenses. This is why most Medicare enrollees have either Medicare Supplemental insurance plus their Medicare prescription drug coverage (Medicare Part D plan) or choose to enroll in a Medicare Advantage Prescription Drug Plan, which covers all of these needs.
Review the table below to learn what coinsurance and copayments are typical to pay under Medicare Part B.
2024 Medicare Part B Coinsurance and Copayment Costs
Service
Coinsurance Percentage
Copayments
General costs for services (coinsurance)
20% of Medicare-approved services or items after your deductible is paid. The doctor or health care provider must accept the Medicare-approved amount as full payment, also called “accepting assignment.”
Check with your local licensed agent.
Clinical laboratory services
$0 for covered clinical laboratory services. Check with your local licensed agent.
$0 for covered clinical laboratory services. Check with your local licensed agent.
Home health care
20% of the Medicare-approved amount for Durable Medicare Equipment (DME). This includes wheelchairs, walkers, hospital beds, and other equipment.
$0 for covered home health care services. Check with your local licensed agent.
Inpatient hospital care
20% of the Medicare-approved amount for services while you’re inpatient at a hospital.
Check with your local licensed agent.
Outpatient mental health care
20% of the Medicare-approved amount to your doctor or healthcare provider for diagnosing or treating your condition.
7%
Partial hospitalization mental health care
Partial hospitalization mental health care 20% of the Medicare-approved amount after you meet the Medicare Part B deductible. This includes services from your doctor and other qualified mental health professionals. Coinsurance applies for each day of partial hospitalization services received in a hospital outpatient setting or a community mental health center.
Check with your local licensed agent.
Outpatient hospital care
20% of the Medicare-approved amount for services provided by a doctor or other health care providers.
Copayment is due to the hospital for each service you get in a Medicare-covered hospital outpatient setting, except for some preventative services. Your copayment, in most cases, won’t be more than the Medicare Part A hospital stay deductible amount.
How could a Medicare Advantage or Medicare Supplement plan help reduce your out-of-pocket costs? Speak with a local licensed agent. Call (623) 223-8884 to explore your plan options.
I am a Spanish-speaking Arizona Life and Health Insurance Licensed Agent and have been helping people with Medicare since 2005. I am a Marine Corps Veteran & former police officer. I enjoy watching football and basketball but hold family time in the highest regard.
(623) 223-8884 | TTY: 711
(623) 223-8884 | TTY: 711
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