Crowe & Associates

Medicare Part B costs 2024

Ed Crowe
Medicare Part B cost 2024

Medicare Part B cost 2024

Medicare Part B costs 2024

For many people the updated Medicare Part B costs 2024 is important information to have.  Although, most people do not think about the cost of Medicare Part A because most Medicare beneficiaries receive their Part A benefit for free.  As long as they have worked for at least 40 quarters in a Medicare covered job as decided by the department of Social Security. The premium payment for Medicare Part B is quite different than Part A due to the fact that most people do have to pay for Part B coverage.

What’s is Medicare Part A & Part B:

Part A

Provides beneficiaries coverage for inpatient hospital stays, skilled nursing facilities, hospice & inpatient rehabilitation as well as some approved home health care services.
Please note: If you are in a skilled nursing facility, days 21 – 100 will have a daily co-insurance cost of  $204.00.  This amount has gone up slightly from the cost of $200. in 2023.

Part B

This part of Medicare provides beneficiaries coverage for doctors visits, outpatient hospital services and some home health services as well as durable medical equipment.  The Social Security Act guidelines help determine the premium, deductible and co-insurance cost each year.

2024 Part B costs:

In 2024, the premium for Part B will increase from $164.90 monthly to $174.70.  This is an increase in cost of $9.80 per month.  The annual  medical deductible for Part B will also increase in 2024.  It will go from $226 in 2023 up to $240 in 2024.  This is a price increase of $14.

Click here to learn more about Medicare premiums and deductibles

It is important for beneficiaries to stay up to date with all the changes in their Medicare coverage as well as costs.  Having all the facts gives beneficiaries the opportunity to plan their healthcare expenses more effectively.

Here are the costs associated with Part B

  1. The premium is the first cost you need to be aware of.  As we stated above; the monthly premium for Medicare Part B will increase to $174.70.  This is an additional cost of $9.80 per month from 2023.
  2. More costs associated with Part B include; deductibles and co-insurance.  For 2024 the deductible will increase to $240 in 2024.  This is up from $226 in 2023. Once your deductible is met, you are left to pay about 20% of any Medicare  Part B approved expenses.
  3. If you do not sign up for Part B on time, you may be stuck with a LEP (late enrollment penalty).  Make sure you know when to sign up for Medicare Part B and be aware of any special enrollment periods in order to keep from paying a penalty. Learn more about late enrollment penalties.
  4. Individuals with high incomes may be subject to an IRMAA.  If this is the case for you, you may pay a higher Part B monthly premium than other individuals.

Click here to watch our YouTube video on Medicare Part B IRMA and IEP, SEP rules

How to save on Medicare Part B costs:

There are many programs available to provide help to beneficiaries pay their Medicare costs. Programs such as; Medicare Savings Programs, Extra Help for Medicare Prescription Drug Plans as well as state programs that provide payment assistance for Medicare premiums, deductibles, and coinsurance.

It is a good idea to contact a licensed Medicare agent for advice with enrollment in a Medicare plan. This can provide you with all the information you need to make the right coverage choices that fit your personal needs.

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