What is the 2024 Medicare Part B premium?

Medicare Part B Medicare Part B 2024 premiums standard monthly rates will increase from $164.90 in 2023 to $174.70 in 2024. Higher monthly rates will be paid to beneficiaries whose income exceeds $103,000 for single people and $206,000 for married couples. Physician services, outpatient hospital services, durable medical equipment, some home health services, and other medical and health services not covered by Medicare Part A are all covered under Medicare Part B.

Under the terms of the Social Security Act, Medicare Part B premiums, deductibles, and coinsurance rates are set annually. Medicare Part B subscribers will pay an average monthly premium of $174.70 in 2024, up $9.80 from $164.90 in 2023. All Medicare Part B enrollees will have an annual deductible of $240 in 2024, up from $226 in 2023, an increase of $14.

Predicted increases in health care costs and, to a lesser extent, the Hospital Outpatient Prospective Payment Systems' correction of the 340B-acquired drug payment policy for the 2018-2022 period are the primary causes of the 2024 Part B standard premium and deductible increases.

Starting in 2023, those without access to certain other health plans and whose complete Medicare coverage expired 36 months after a kidney transplant may choose to continue receiving Part B coverage for immunosuppressive medications in exchange for a fee. The typical immunosuppressive medication premium for 2024 is $103.00.

Medicare Part B Income-Related Monthly Adjustment Amounts

A beneficiary's monthly Part B premium has been determined by his or her income since 2007. Medicare Part B Income-Related Monthly Adjustment Amounts. Of those with Medicare Part B, about 8% are affected by these income-related monthly adjustment amounts.