2. Premiums and deductibles for Medicare Part B are increasing
Part B of Original Medicare is one of the two primary components and is also one of the parts that are affected by the Medicare changes that take place in 2024. While Medicare Part A covers hospitalizations along with certain home healthcare and hospice expenditures, Part B includes the evaluation and management of health issues, as well as preventative care such as flu vaccines and doctor visits.
Part B of Medicare also covers emergency services, costly medical supplies, limited ambulatory prescription medicines, mental health treatment, and participation in clinical trials.
Most Americans participating in Original Medicare (Parts A and B) or a Medicare Advantage plan will have to pay a regular Part B monthly payment of $174.70 beginning January 1, 2024, a $9.80 (or 5.9%) increase from 2023. The yearly deductible for Part B is also increasing by $14 to $240.
Medicare enrollees whose income exceeds a specific threshold must also pay an earnings-related monthly adjustment amount (IRMAA) that can vary from $69.90 to $419.30—an increase from $65.90 to $395.60 in 2023. Surcharges under IRMAA impact roughly eight percent of those who receive Medicare.
