Guess what? On October 12, 2023, the Centers for Medicare & Medicaid Services (CMS) dropped some important news about the Medicare Part A and Part B costs for 2024. Brace yourselves, because here are the deets! We’ve got the 2024 Medicare Part B deductible clocking in at $240 and the Part B premium rocking the price of $174.70.
2024 Medicare Part B Premiums and Deductible
Hold on tight, because that’s not all! Let’s dive into the marvelous world of Medicare Part B. In 2024, the standard monthly premium will be $174.70, ta-da! That’s a $9.80 increase compared to the previous year. And guess what? The annual Part B deductible is also joining the party with a rise to $240. That’s $14 more than before! These changes are all thanks to the projected healthcare spending and the fancy 340B-acquired drug payment policy.
Immunosuppressive Drug Premium
Attention, folks! We’ve got another exciting tidbit for you. Starting in 2023, if you’re someone whose full Medicare coverage ends 36 months after a kidney transplant and you don’t have certain insurance, you can hop on the Part B train for immunosuppressive drugs. How, you ask? Well, you’ll need to pay a premium, of course! For 2024, this premium will be $103.00. Isn’t innovation amazing?
| Part B Immunosuppressive Drug Coverage Only | |||
| Beneficiaries who file individual tax returns with modified adjusted gross income: | Beneficiaries who file joint tax returns with modified adjusted gross income: | Income-Related Monthly Adjustment Amount |
Total Monthly Premium Amount |
| $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
$499,999 |
$386,001 to $749,999 |
$377.70 |
$480.70
|
| $500,000 + |
$750,000 + |
$412.10 |
$515.10
|
2024 Medicare Part A
Now, let’s not forget about our good old friend Medicare Part A. In 2024, the Part A inpatient hospital deductible will be $1,632. That’s $32 more than the previous year, folks! This prestigious deductible covers the first 60 days of hospital care in a benefit period. For days 61 to 90, you’ll need to shell out $408 per day. And if you’re going into the reserve days, be prepared to pay $816 per day. Ouch!
|
2023 |
vs |
2024 |
|
$1,600 |
Part A Deductible |
$1,632 |
| $400/Day | Co-Payment Days 61-90 |
$408/Day |
|
$800/Day |
Co-Payment Days 91-150 |
$816/Day |
|
$200/Day |
Skilled Nursing Facility Days 21-100 |
$204/Day |
Oh, and wait for it—those staying in skilled nursing facilities will be charged a grand total of $204.00 per day for days 21 through 100 of extended care services. The bills keep coming!
Medicare Part B and Part D Income-Related Monthly Adjustment Amounts (IRMAA)
Now, let’s talk about the big spenders. If you’re a high-income beneficiary flaunting that full Part B and Part D coverage, feast your eyes on the table below to find out your 2024 Part B and Part D total premiums:
But hey, there’s more! If you’re a stylish high-income beneficiary with a spouse you lived with during the taxable year but filed separately, don’t think that anyone has forgotten about you.
| If your MAGI (Modified Adjusted Gross Income) * in 2022 was… | You pay in 2024 (per person)
Monthly premiums to Medicare |
|||
| Individual Tax Return | Joint Tax Return | Married & Separate Tax Return | Part B
Premium + IRMAA |
Part D IRMAA (in addition to Part D plan premium) |
| $103,000 or less | $206,000 or less | $103,000 or less | $174.70 | — |
| $103,001 to $129,000 | $206,001 to $258,000 | N/A | $244.60
(174.70 + 69.90) |
+ $12.90 |
| $129,001 to $161,000 | $258,001 to $322,000 | N/A | $349.40
(174.70 + 174.70) |
+ $33.30 |
| $161,001 to $193,000 | $322,001 to $386,000 | N/A | $454.20
(174.70 + 279.50) |
+ $53.80 |
| $193,001 to
$499,999 |
$386,001 to
$749,999 |
$103,001 to
$396,999 |
$559.00
(174.70 + 384.30) |
+ $74.20 |
| $500,000 + | $750,000 + | $397,000 + | $594.00
(174.70 + 419.30) |
+ $81.00 |
- 2022 MAGI = Adjusted Gross Income (Form 1040 line 11) + Tax-Exempt Interest (Form 1040 line 2a)
The End
We hope you enjoyed our tongue-in-cheek take on the new Medicare rates, deductibles, and co-pays. Let’s be honest, if we don’t try to have a little bit of humor in our lives, it will be a miserable place to be! Don’t forget to reach out to our Marketing Department for any help that you need at (800)924-4727. Needing a great contract with one of our carriers, you can request contracting right here.