CMS just made an extremely important announcement! 2024 Premiums, deductibles, and coinsurances for Medicare Part A & B were just announced on October 12th.
|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).
|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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