Medicare’s Open Enrollment Period is here. Visit Medicare.gov now
through December 7 to compare all your coverage options. If you decide
to enroll in a different option, your new coverage will start January 1.
Here Are Your 2024 Medicare Part B Rates
By: Kevin Lilley
After falling in 2023, the standard Medicare Part B monthly premium will increase by $9.80 in
2024, the Centers for Medicare and Medicaid Services (CMS) announced Oct. 12.
Last year’s decrease came after Medicare limited its coverage of a new, expensive Alzheimer’s
drug, CMS said. This year’s increase comes primarily from projected increases in health care
spending.
The annual deductible for Part B beneficiaries will be $240 in 2024, up from $226 this year.
The standard premium applies only to individuals with a modified adjusted gross income of
$103,000 or less, or joint filers with income of $206,000 or less, on their 2022 tax return. Other
beneficiaries pay Income-Related Monthly Adjustment Amounts (IRMAA), which vary by
income level.
These rates also increased for 2024, and the rate brackets have been updated:
Those with income from $103,001 to $129,000 on an individual return or from $206,001
to $258,000 on a joint return will pay $244.60 per month, up from $230.80 in this
bracket in 2023.
Those with income from $129,001 to $161,000 on an individual return or from $258,001
to $322,000 on a joint return will pay $349.40 per month, up from $329.70 per month in
this bracket in 2023.
Those with income from $161,001 to $193,000 on an individual return or from $322,001
to $386,000 on a joint return will pay $454.20 per month, up from $428.60 in this
bracket in 2023.
Those with income from $193,001 to $500,000 on an individual return or from $386,001
to $750,000 on a joint return will pay $559 per month, up from $527.50 in this bracket
in 2023.
Those with income above $500,000 on an individual return or above $750,000 on a joint
return will pay $594 per month, up from $560.50 in this bracket in 2023.
Married beneficiaries who lived with their spouses during at least part of the taxable year but file
separate tax returns have their own payment scale: Those with modified adjusted gross income
between $103,001 and $397,000 pay a $559 monthly premium, while those with income at or
above $397,000 pay $594 per month.
The 2024 COLA will be at 3.2%