Typically, year in and year out Medicare beneficiaries will see increases in key premium and deductible numbers. The reason behind that can be attributed to the cost of inflation, the state of the economy and social security regulations. It is important to be aware of these figures as they will affect the amount you are required to pay in order to receive coverage for certain services.
Medicare's Part A Deductible: In 2023 the Medicare Part A deductible is $1,600. An individual is required to pay this deductible to receive Part A benefits, unless they have deductible coverage to elimate this cost to them. The 2024 increase in Part A deductible is up $32 from 2023 for a total of $1,632.
Medicare's Part B Deductible: In 2023 the Medicare Part B deductible is $226. An individual is required to pay this deductible to receive Part B benefits. The 2024 increase in Part B deductible is up $14 from 2023 for a total of $240 for the year.
Medicare's Part B Premium: In 2023 the standard Medicare Part B premium is $164.90 per month without an IRMAA to adjust for income level. An individual is billed this premium quarterly. The 2024 increase in the standard Part B premium is up $9.80 from 2023 for a total of $174.70 per month. Note that your income level and tax return from 2022 will determine your IRMAA and if you will pay more than $174.70 per month for your Part B premium per month in 2024.
