The Centers for Medicare and Medicaid Services (CMS) recently published the 2024 Medicare premium and deductible costs. In a disappointing reversal of last year’s drop in costs, there’s a $9.80 increase in the standard part B premium, which will send it bouncing back beyond even 2022’s high, and will settle at $174.70.
The annual deductible for Part B will also be on the rise and will now be $240, an increase of $14 on last year’s figure. There are increases across the board as those with higher incomes (Individuals with annual income of more than $103,000) will also have a bit more taken out of their checks. The richest among us will incur monthly premiums of $594.
Medicare Part A deductibles will be going up as will co-insurance payments for any hospital stays over 60 days. The deductible is increasing by $32 to $1,632; daily co-insurance payments during days 61-90 of a hospital stay will increase a more modest $8 to $408.
If you are in the unfortunate situation of being 65 or older and of neither having the required 40 quarters of work coverage, nor having a spouse who has, you’ll have to pay a Part A premium if you want to enroll in Medicare. The reduced monthly premium, for those who are of age and who have at least 30 quarters of coverage, or who have a spouse who has the 30 quarters, is $278. If you don’t meet that standard and are 65 or disabled and have no other options then you can enroll and pay the full premium of $505. The good news? That’s down a whole 100 cents on last year.
Here’s where you can read the full CMS announcement: 2024 Medicare Parts A & B Premiums and Deductibles | CMS