Medicare Part B Premium 2024
Although the Medicare Part B premium 2024 has not yet been announced, it is projected to increase to $174.80. That is an increase in cost of almost $10 per month compared to the 2023 standard monthly cost of $164.90. This amount is based the Medicare trustees report released in March 2023. Click this link to learn more about Medicare costs for 2024.
In some cases, Part B premiums may be higher or lower than the basic Part B premium:
Certain low income beneficiaries qualify to have their Part B premium paid for by their resident state DSS.
These individuals must apply for LIS in order to qualify. Medicaid recipients are also eligible to receive the Part B benefit at no cost.
In some cases, Medicare Advantage plans offer a Part B give back. This amount varies but reduces the amount you pay for Part B Medicare premiums.. When this is the case, the private insurance company assumes responsibility for a portion of your premium and provides coverage for your medical benefits.
Medicare charges some beneficiaries an IRMAA in addition to the basic Part B premium.
An IRMAA is an income-related monthly adjustment amount. The IRMAA applies to certain higher earning individuals and is determined by income reported (MAGI) on your income tax returns two years prior. In other words, your 2021 tax return is used to determine your 2023 Medicare premiums. The Social Security Administration will send you a notice to inform you if you will receive an IRMAA. The IRMAA applies to both Part B and Part D premiums as well as Medicare Advantage plans.
If your financial situation has changed, you can file an IRMAA appeal
Take a look at the chart below to view the 2023 Part B premiums including the IRMAA amounts:
|Part B Coverage|
|Beneficiaries filing individual tax returns with modified adjusted gross income:||Beneficiaries filing joint tax returns with modified adjusted gross income:||IRMAA amount||Total Monthly
|Less than or equal to $97,000||Less than or equal to $194,000||$0.00||$164.90|
|Greater than $97,000 and less than or equal to $123,000||Greater than $194,000 and less than or equal to $246,000||$65.90||$230.80|
|Greater than $123,000 and less than or equal to $153,000||Greater than $246,000 and less than or equal to $306,000||$164.80||$329.70|
|Greater than $153,000 and less than or equal to $183,000||Greater than $306,000 and less than or equal to $366,000||$263.70||$428.60|
|Greater than $183,000 and less than $500,000||Greater than $366,000 and less than $750,000||$362.60||$527.50|
|Greater than or equal to $500,000||Greater than or equal to $750,000||$395.60||$560.50|