The Centers for Medicare and Medicaid Services (CMS) announced that the standard monthly premium for Medicare Part B will increase in 2024, going from $164.90 this year to $174.70 next year, an increase of $9.80/month.
Additionally, the annual deductible for Part B will increase by $14, going from $226 to $240, and the standard premium for elective Part B coverage of immunosuppressive drugs will be set at $103. CMS attributes the increase primarily due to expected growth in health care spending.
Since a beneficiary's Part B monthly premium is been based on a person’s income, the income-related monthly adjustment amounts affect only about 8% of people with Medicare Part B. The 2024 Part B total premiums for high-income beneficiaries with full Part B coverage may be found at CMS.
Also, for anyone paying a Medicare Part A premium (inpatient hospitalization), the deductible will increase by $32 to $1,632. (About 99% of Medicare beneficiaries do not have a Part A premium, since they have the required minimum 40 quarters of Medicare-covered employment.)