On October 12, 2023, The Centers for Medicare & Medicaid Services (CMS) announced the Medicare Part A and Part B premiums, deductibles, and coinsurance amounts for 2024, along with Medicare Part D adjustments.
Key Points:
The standard monthly premium for Medicare Part B will be $174.70 in 2024, an increase of $9.80 from 2023.
Additionally, the annual Part B deductible will rise to $240, up by $14 from 2023. These changes are primarily due to projected increases in healthcare spending and adjustments related to the 340B-acquired drug payment policy.
The 2024 Part B total premiums for high-income beneficiaries with full Part B coverage are shown in the following table:
Premiums for high-income beneficiaries with full Part B coverage who are married and lived with their spouse at any time during the taxable year but file a separate return, are as follows:
A noteworthy change starting in 2023 is that individuals whose full Medicare coverage ends 36 months post kidney transplant and who lack certain insurance can opt for Part B coverage for immunosuppressive drugs by paying a premium. For 2024, the standard immunosuppressive drug premium is $103.00.
The 2024 Part B total premiums for high-income beneficiaries who only have immunosuppressive drug coverage are shown in the following table:
Premiums for high-income beneficiaries with immunosuppressive drug only Part B coverage who are married and lived with their spouse at any time during the taxable year but file a separate return, are as follows:
The Part A inpatient hospital deductible will be $1,632 in 2024, up by $32 from 2023. This deductible covers the first 60 days of hospital care in a benefit period. For days 61 to 90, beneficiaries will pay $408 per day, while lifetime reserve days will cost $816 per day.
Beneficiaries in skilled nursing facilities will pay $204.00 per day for days 21 through 100 of extended care services.
Individuals with at least 30 quarters of coverage or a spouse with the same can buy into Part A at a reduced monthly premium rate of $278 in 2024. Uninsured aged individuals with less than 30 quarters of coverage and certain individuals with disabilities will pay the full premium of $505 a month, a $1 decrease from 2023.
The 2024 Part D income-related monthly adjustment amounts for high-income beneficiaries are shown in the following table:
Premiums for high-income beneficiaries who are married and lived with their spouse at any time during the taxable year but file a separate return, are as follows:
In a bid to make healthcare more accessible, the Department of Health and Human Services (HHS) and CMS have simplified MSP enrollment, offering potentially affordable coverage to an estimated 860,000 individuals.
The expansion of the Part D Low-Income Subsidy (LIS) will further lower prescription drug costs for eligible individuals.
