Premiums, deductibles, and coinsurance amounts for Original Medicare generally change every year. Here’s a look at some of the costs that will apply in 2024.
Monthly standard premium: Most people with Medicare who receive Social Security benefits will pay the standard monthly Part B premium of $174.70 in 2024, $9.80 higher than in 2023. This premium increase is mainly due to higher projected health-care spending.1
Premium for those with higher incomes: If your modified adjusted gross income (MAGI) as reported on your federal income tax return from two years ago (2022) is above a certain amount, you’ll pay the standard premium amount and an Income-Related Monthly Adjustment Amount (IRMAA), which is an extra charge added to your premium, as shown in the following chart.
|You filed an individual income tax return with MAGI that was:||You filed a joint income tax return with MAGI that was:||You filed an income tax return as married filing separately with MAGI that was:||Total monthly Part B premium in 2024 is:||*Total monthly premium in 2024 immunosuppressive drug coverage only is:|
|$103,000 or less||$206,000 or less||$103,000 or less||$174.70||$103.00|
|Above $103,000 up to $129,000||Above $206,000 up to $258,000||N/A||$244.60||$171.70|
|Above $129,000 up to $161,000||Above $258,000 up to $322,000||N/A||$349.40||$274.70|
|Above $161,000 up to $193,000||Above $322,000 up to $386,000||N/A||$454.20||$377.70|
|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||$480.70|
|$500,000 and above||$750,000 and above||$397,000 and above||$594.00||$515.10|
*This premium applies to a benefit that extends coverage for immunosuppressive drugs for people whose full Medicare coverage ended 36 months after a kidney transplant and who do not have certain other types of health insurance.
People with higher incomes may also pay a higher premium for a Medicare Part D prescription drug plan, because an IRMAA will be added to the Part D basic premium based on the same income limits in the table above. Part D premiums vary, but the average basic monthly premium for 2024 is projected to be $34.50 (up from $32.09 in 2023). The average total premium for plans with enhanced coverage is projected to be $55.50 in 2024, down from $56.49 in 2023.
Annual deductible: People with Medicare Part B must also satisfy an annual deductible before Original Medicare starts to pay. For 2024, this deductible is $240 (up from $226 in 2023).
Medicare Part C (Medicare Advantage) costs vary by plan and some are premium-free, but the projected average premium for 2024 plans is $18.50 (up from $17.86 in 2023). If you have a Medicare Advantage plan, you will also have to pay the Medicare Part B premium.
You can get more information on Medicare benefits in the Medicare & You 2024 Handbook at medicare.gov.
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