Individual And Group Benefit Solutions

2024 Medicare Part B Premium and Deductible

2024 Medicare Part B Standard rate

The standard monthly premium for Medicare Part B enrollees will be $174.70 in 2024. This is an increase of $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024. This is an increase of $14 from the annual deductible of $226 in 2023.

The increase in the 2024 Medicare Part B standard premium and deductible is mainly due to projected increases in health care spending. Also, to a lesser degree, the remedy for the 340B-acquired drug payment policy for the 2018-2022 period under the Hospital Outpatient Prospective Payment System.

Beginning in 2023, individuals whose full Medicare coverage ended 36 months after a kidney transplant and who do not have certain other types of insurance coverage can elect to continue Part B coverage of immunosuppressive drugs by paying a premium. For 2024, the standard immunosuppressive drug premium is $103.00.

Medicare Part B Income-Related Monthly Adjustment Amounts

Since 2007, a beneficiary’s Part B monthly premium has been based on his or her income. These income-related monthly adjustment amounts affect roughly 8 percent of people with Medicare Part B. The 2024 Part B total premiums for high-income beneficiaries with full Part B coverage are shown in the following table:

Most of the provided information is sourced or paraphrased from and/or . Cunningham Insurance and is not affiliated with or employed by the federal government in any way.

Leave a comment

Your email address will not be published. Required fields are marked *