Medicare’s premiums and deductibles is announced to increase by 2024.
Premiums And Deductibles Will Increase In 2024
The Centers for Medicare and Medicaid Services (CMS) announced that Medicare premiums and deductibles will increase in 2024. The premiums and deductibles for the standard monthly premium for Medicare Part B will be $174.70.
A $9.80 increase from 2023’s premiums and deductibles. The annual premiums and deductibles for Part B will also increase by $14 to $240.
According to a published article by The Motley Fool, around 8% of Medicare Part B beneficiaries with higher incomes will have to pay additional premiums and deductibles based on their income levels. Aside from an increase in premiums and deductibles, the cost-of-living adjustment (COLA) for Social Security benefits will also be 3.2%, resulting in an average monthly increase of nearly $59 for retired workers.
An Increase Due To Various Reasons
In a published article by USA Today, the health care premiums and deductibles for the government’s Medicare program will increase next year for the 66 million Americans enrolled in it due to projected increases in health care spending and the need to repay providers for underpayment in previous years.
Additionally, the premiums and deductibles for each hospital stay under Part A will increase by $32 to $1,632.