In 2023, seniors were happy to see their Medicare Part B standard monthly premiums and annual deductibles go down for the first time in more than a decade. Unfortunately, that’s not the case for 2024, when these charges will be back on the rise.
In the fact sheet it released about the updated numbers, the Centers for Medicare & Medicaid Services (CMS) outlined the following changes for 2024:
Medicare Part B Premium and Deductible Changes
Medicare Part B enrollees will pay a standard monthly premium of $174.70 come 2024 (up $9.80 from $164.90 in 2023). (Note that beneficiaries who have higher incomes typically have a higher premium.)
The Part B annual deductible is rising to $240 in 2024 (an increase of $14 from $226 in 2023). Part B enrollees must cover all costs until they meet this deductible; Medicare then pays for most of the remaining fees.
Medicare is a federal health insurance program for seniors and people with qualifying disabilities. Medicare Part B specifically focuses on covering such services as medically necessary visits to doctors, outpatient medical treatments, ground ambulance transport, and preventative care, including vaccines.
Updates to Medicare Part A Charges
The deductible for Medicare Part A will also see a slight increase, about 2 percent, from $1,600 in 2023 up to $1,632 in 2024. Note that most people end up paying no premium for Part A because they (or their spouse) paid Medicare taxes throughout the years they were employed.
Part A relates to medical care in institutions such as inpatient hospitals and skilled nursing facilities, in addition to other settings. If you’re an enrollee and are admitted to a hospital, Medicare Part A will pay for your expenses for the first 60 days, after you pay your deductible. If you go to a skilled nursing facility, Part A covers the first 20 days. After that, you’ll have the following co-pays:
- Co-payment for hospital stay, days 61 to 90 = $408 per day in 2024 (up from $400 in 2023)
- Co-payment for hospital stay, days 91 and beyond = $816 per day in 2024 (an increase from $800 in 2023)
- Co-payment for skilled nursing facility, days 21 to 100 = $204 per day in 2024 (up from $200 in 2023)
Medicare Open Enrollment
Each fall, from October 15 to December 7, Medicare’s Open Enrollment Period takes place. During this time, you can enroll in a plan or make changes to your existing plan, and see how these changes in Medicare premiums will affect you.
Also, remember that Medicare does not cover most types of long term care. To learn more about how you can protect your assets and qualify for Medicaid, contact the elder law attorneys at Kurre Schneps LLP for a consultation.
