Medicare Rate Increases for 2024
- Learn about the Medicare rate increases for 2024, including premiums, copays and Medicare deductibles. Find out what to expect for Medicare costs.
Will Medicare premiums increase in 2024? Medicare beneficiaries can usually expect their rates to increase every year, and in this review we provide a Medicare increase 2024 update for Medicare premiums, deductibles and more, according to the 2023 Medicare Trustees Report from the Centers for Medicare & Medicaid Services (CMS) and their updated 2023 cost outlines.
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Medicare Rates 2024
What will Medicare cost in 2024?
Medicare Part A premiums will remain at $0 for most beneficiaries. That’s because most beneficiaries have premium-free Part A because they paid Medicare taxes for at least 40 quarters (10 years of work), which is a benchmark that remains unchanged for 2024.
But for those who have not paid the required amount of Medicare taxes, there will be a Medicare premium increase in 2024. Those who have paid Medicare taxes for 30 to 39 quarters will see their Part A premium at $278 per month in 2024. And those with fewer than 30 quarters worth of Medicare taxes will see the $1 jump to $506 in 2024.
The standard Medicare premium for Part B increased in 2023, however. The 2024 Medicare Part B premium is $174.70 per month, which is up from $164.90 in 2023.
Medicare Increase 2024: What Is the 2024 Medicare Part B deductible?
Is Medicare going up in 2024 for Part B?
The rate for the 2024 Part B deductible is $240 per year, which is up from $226 in 2023. This is an increase of $14 per year from the 2022 Part B deductible.
Premiums for Medicare Part C (Medicare Advantage) and Medicare Part D (Prescription Drug Plans) are also on a downward trajectory. While Medicare Part A and Part B premiums have historically gone up nearly every year, premiums for private Medicare plans have been dropping in recent years. In 2023, the average Medicare Advantage (Part C) premium was $19.07 per month, though many Medicare Advantage plans feature $0 monthly premiums.
Questions About 2024 Medicare Cost Increases?
If you have any questions about Medicare increases for 2024, call 1-800-MEDICARE (1-800-633-4227) to speak with a representative.
For questions about Medicare Advantage or Medicare Part D rates, you can compare plans online or call a licensed insurance agent for assistance.
