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 CostDifference 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 Coinsurance2024Difference 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!

Source: Centers for Medicare & Medicaid Services, 2024 Medicare Parts A & B Premiums and Deductibles, Oct. 12, 2023.


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