Medicare Premiums for 2024
Updated: November 29, 2023
Written by Veteran.com Team
In 2024, Part B Medicare premiums will increase by $9.80 per month to $174.70. The increase follows a decrease in 2023, according to the Centers for Medicare and Medicaid Services.
The annual deductible for all Medicare Part B beneficiaries is $240 in 2024, a jump from $226 in 2023.
When Medicare increases, Social Security cost-of-living adjustments are supposed to cover the difference. When COLA is insufficient to cover Medicare, the hold harmless rule can protect most recipients, according to the Social Security Administration. This rule prevents benefits from decreasing from one year to the next.
What Is the Hold Harmless Provision?
The hold harmless provision prevents Social Security benefits from declining due to increases in Medicare Plan B.
The hold harmless rule protects most social security recipients. Their Part B premium costs will not increase more than their COLA increases as long as:
- They were entitled to Social Security benefits for November and December of the previous year
- Medicare Part B premiums were deducted from their Social Security benefits between November of the previous year and January of the current year
- They don’t pay higher Part B premiums because of Income-Related Monthly Adjustment Amount (IRMAA) eligibility
The hold-harmless provision does not protect those who:
- Are new to Medicare Plan B
- Are subject to IRMAA
- Are enrolled in a Medicare Savings Program (MSP)
- No longer qualify for MSP due to an increase in income or you didn’t renew
Will Social Security Cover Medicare in 2024?
For the first time in more than a decade, Medicare premiums resumed the trend of increasing in 2024 after a brief decrease in 2023. The increase in premiums follows the Social Security Administation’s announcement the cost-of-living adjustment (COLA) will increase by 3.2% in 2024.
Medicare Update: Coverage of Immunosuppressive Drugs in 2024
In 2023 a change in Medicare made it possible for enrollees who had a kidney transplant, and lost full Medicare coverage, could still be allowed to pay a monthly premium to continue Part B coverage for immunosuppressive drugs.
The immunosuppressive drug premium for 2024 is $103.00.
2024 Medicare Part B Premiums
Medicare Part B monthly premiums are based on the beneficiary’s income. Most people pay the standard amount. Those with higher incomes pay an income-related monthly adjustment amount (IRMAA).
Here are the total premiums for high-income beneficiaries:
2024 Medicare Part B Premiums
A beneficiary’s Part B monthly premium is based on his or her income. These income-related monthly adjustment amounts (IRMAA) affect roughly 5% of people with Medicare Part B. Here are the total premiums for high income beneficiaries:| Individual Income | Married Filing Jointly income | Income-related monthly adjustment amount: | Total monthly premium amount: |
|---|---|---|---|
| Less than or equal to $103,000 | Less than or equal to $206,000 | $0 | $174.70 |
| Greater than $103,000 and less than or equal to $129,000 | Greater than $206,000 and less than or equal to $258,000 | $69.90 | $244.60 |
| Greater than $129,000 and less than or equal to $161,000 | Greater than $258,000 and less than or equal to $322,000 | $174.70 | $349.40 |
| Greater than $161,000 and less than or equal to $193,000 | Greater than $322,000 and less than or equal to $386,000 | $279.50 | $454.20 |
| Greater than $193,000 and less than $500,000 | Greater than $386,000 and less than $750,000 | $384.30 | $559.00 |
| Greater than or equal to $500,000 | Greater than or equal to $750,000 | $419.30 | $594.30 |
| Married Filing Jointly Income | Monthly Adjustment Amount | Total Monthly Premium Amount |
|---|---|---|
| Less than or equal to $103,000 | $0 | $174.70 |
| Between $103,000 and $397,000 | $384.30 | $559.00 |
| Greater than or equal to $397,000 | $419.30 | $594.00 |
Medicare Part A Premiums
Most Medicare beneficiaries do not pay Part A premiums for hospital coverage because they or their spouses have at least 40 quarters (10 years) of Medicare-covered employment.
2024 Medicare Part A Costs
- $1,632 for hospital inpatient deductible
- $408 for daily coinsurance for the 61st to st to 90thth days
- $816 for daily coinsurance for up to 60 lifetime reserve days
- $204 for skilled nursing facility coinsurance for the 21st to 100th days
Medicare Advantage (Medicare Part C)
For Medicare Advantage, also known as Medicare Part C, the amount you pay for premiums, deductibles, copayments and/or coinsurance varies by plan.
Medicare Part D Prescription Drug Plan Premium
The monthly premium for the 2023 are the only available. In December of 2024, Medicare Part D Prescription Drug Plans will also be available. They vary by plan, with higher-income consumers possibly paying more.
Medicare Definitions
- Medicare Part A covers inpatient hospital and skilled nursing facility care, hospice and some home health care services.
- Medicare Part B covers preventive care, physician services, outpatient hospital services, certain home health services, durable medical equipment, mental health care and other services.
- Medicare Part B (Medicare Advantage) plans are are Medicare-approved private health insurance plans for individuals that include Parts A and B plans. They may also include vision care and prescription glasses, dental care, hearing aids and other services.
- Medicare Part D is the Medicare prescription drug benefit, an optional program to help Medicare beneficiaries pay for outpatient prescription drugs through prescription drug insurance premiums. The costs of many professionally administered drug prescriptions are covered under Medicare Part B.
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