CMS just made an extremely important announcement! 2024 Premiums, deductibles, and coinsurances for Medicare Part A & B were just announced on October 12th.
The standard monthly premium for Medicare Part B will be $174.70 in 2024.
| Part B (Outpatient Medical Insurance) | 2024 Cost | Difference from 2023 |
| Annual Deductible | $240 | +$14 (was $226) |
| Part B Premiums for those with incomes below $103,000 if single, $206,000 if married | $174.70 | +$9.80 (was $164.90) |
More about Medicare Part B:
Medicare Part B covers medical expenses such as doctor’s visits, durable medical equipment, preventive services, and outpatient care. If you are going somewhere to receive a service and you aren’t staying there, chances are it’s outpatient care! Medicare Part B is also under Original Medicare.
This monthly premium is automatically deducted from your social security benefits or railroad retirement board. If you don’t get these benefit payments, your Part B premium is billed.
The Part B deductible will be $240 in 2024, which is an increase of $14 from 2023. After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you’re inpatient at a hospital), outpatient therapy, and Durable Medical Equipment (DME).
The standard inpatient hospital deductible for Medicare Part A will be $1,632 in 2024.
| Part A Deductible and Coinsurance | 2024 | Difference from 2023 |
| Inpatient Hospital Deductible | $1,632 | +$32 (was $1,600) |
| Daily hospital coinsurance for 61st-90th day | $408 | +$8 (was $400) |
| Daily hospital coinsurance for lifetime reserve days | $816 | +$16 (was 800) |
| Skilled nursing facility daily coinsurance (days 21-100) | $204 | +$4 (was $200) |
More on Medicare Part A:
Medicare Part A covers anything related to inpatient care. This includes hospital stays, skilled nursing facility care, hospice care, and home health care. Medicare Part A is included in Original Medicare, meaning that if you are enrolled on time you receive coverage for inpatient care!
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