In March 2023, the Medicare Trustees estimated that the 2024 Medicare Part B premium increase would be 6%. However, many thought that the 2024 Medicare Part B premium would rise higher 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 Alzheimer’s medication Aduhelm was approved, with the Centers for Medicare and Medicaid Services (CMS) later admitting to overestimating those costs, causing a 3% decrease in premiums for 2023.
Medicare beneficiaries everywhere are sighing a sigh of relief to know that history won’t be repeating itself. At least, not in 2024.
Wondering about Part B Medicare coverage? Read “What is Medicare Part B and What Does it Cover?”
The 2024 standard monthly Medicare Part B premium will increase by 6% between 2023’s $164.90 per month and 2024’s $174.70. 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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Local, licensed insurance agents with 25+ years of experienceYour 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 from 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.
The Part B premium will be automatically deducted from your benefit payment if you receive a Social Security, Railroad Retirement Board, or Office of Personnel Management benefit. If you don’t receive these benefits, you’ll receive a monthly or quarterly premium invoice.
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.“
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 These include having the IRMAA based on a tax amount that is inaccurate or out-of-date or one of seven life-changing events.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:
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.
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.
Free, unbiased serviceCompare all major plans and carriers Local, licensed insurance agents with 25+ years of experienceThe Part B deductible is the amount you pay for your prescriptions and healthcare before Original Medicare Part B starts paying for your healthcare expenses. The deductible is annual and resets each year. The amount of the deductible also changes annually.
Each year that you’re enrolled in Medicare Part B, you must pay your deductible out-of-pocket before Medicare will pay for coverage. 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%).
For the most part, the Medicare Part B deductible and premium change at the same percentage rate each year. There have been only a couple of years since 2011 when the deductible has increased at a higher percentage than the Part B premium.
After your deductible is met ($240 in 2023), 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 they choose to enroll in a Medicare Advantage Prescription Drug Plan, which covers all of these needs.
Read more about the differences between Medicare Advantage and Medicare Supplement plans, to determine if one of these plans can help you reduce your out-of-pocket expenses.
Review the table below to learn what coinsurance and copayments are typical to pay under Medicare Part B.
Wondering how a Medicare Advantage or Medicare Supplement plan could help reduce your out-of-pocket costs? Speak with a local licensed agent. Call (623) 223-8884 to explore your plan options.
Read more by David Luna
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.
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