Medicare Changes for 2024
CMS just released the new 2024 premiums, deductibles and coinsurance for Medicare part A & B so today I'm going to go over all that information with you so stay tuned.
Hi, I’m Jessica Manion with My Healthcare Direct. I am licensed Medicare insurance broker and we help clients all over the country go over their Medicare options.
CMS has now released the new part A & B premiums so let’s start going over the numbers.
So let’s start with Part A. As a reminder, part A is your hospitalization coverage. For 2024, the inpatient deductible is going from $1,600 in 2023 to $1,632 in 2024 which is an increase of $32.
The daily co-insurance for days 61-90 are going up from $400 in 2023 to $408 per day in 2024 and for lifetime reserve days the coinsurance is increasing from $800 to $816.
The skilled nursing facility coinsurance will also be increasing next
year from $200 in 2023 to $204 a day in 2024.
For those of you who do not have enough work credits to earn part A at no additional costs, if you have between 30-39 quarters of coverage, our part A monthly premium will be $278 per month which is the same or 2023. Those of you who have less than 30 quarters of coverage, our premium will decrease to $505 per month in 2024, a $1 decrease from 2023.
Moving on to part B which of course is your medical insurance. While last year we had a part B premium and deductible decrease, this year we are not as lucky and the rates, just like everything else have gone up for 2024.
In 2024 the part B premium will go from $164.90 in 2023 to $174.70
which is an increase of $9.80 per month.
The part B deductible will also be increasing from $226 in 2023 to $240 in 2024 which is an increase of $14 for the year.
For those of you on the higher income earning side you may be familiar with the term IRMAA. This stands for Income Related Monthly Adjustment Amount. These individuals will pay a higher part B premium as well as an income related adjustment in addition to their part D premium as well. Whether you are single or married, file your taxes jointly or separately, these premium amounts are reflected from your modified adjusted gross income from 2 years prior so for 2024, they will be looking at your 2022 tax return.
The part B IRMAA amounts are as follows:
For those who are single or married and file separately and earn less than $103,000 or married, file jointly and earn less than $206,000 you will continue to pay the standard part B premium. If you fall into any of the other categories, your adjusted part B premium as well as your part D IRMAA premium are shown here.
If you have any questions about your 2024 Medicare costs and how all these premiums and deductibles can apply to you, feel free to reach out to our office at 888-959-1028 or you can send us an email at firstname.lastname@example.org and we would be happy to answer your questions.