The 2024 Medicare premiums, deductibles, and copays for Medicare Parts A and B were recently announced by the Centers for Medicare and Medicaid Services (CMS) on October 12th. So, here’s the scoop.
Medicare Part B
The standard monthly premium for Medicare Part B enrollees will be $174.70 for 2024, an increase of $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the annual deductible of $226 in 2023.
| File Individual Tax Return | File Joint Tax Return | 2024 Income-Related Monthly Adjustment Amount | 2024 Total Monthly Part B Premium Amount |
|---|---|---|---|
| Less than or equal to $103,000 | Less than or equal to $206,000 | $0.00 | $174.70 |
| Greater than $103,000 and less than $129,000 | Greater than $206,000 and less than $258,000 | $69.90 | $244.60 |
| Greater than $129,000 and less than $161,000 | Greater than $258,000 and less than $322,000 | $174.70 | $349.40 |
| Greater than $161,000 and less than $193,000 | Greater than $322,000 and less than $386,000 | $279.50 | $454.20 |
| Greater than $193,000 and less than $500,000 | Greater than $386,000 and less than $750,000 | $384.30 | $559.00 |
| Greater than or equal to $500,000 | Greater than or equal to $750,000 | $419.30 | $594.00 |
| File Married & Separate Tax Return | 2024 Income-Related Monthly Adjustment Amount | 2024 Part B Monthly Premium |
|---|---|---|
| $103,000 or less | $0.00 | $174.70 |
| above $103,000 up to $397,000 | $384.30 | $559.00 |
| Greater than or equal to $397,000 | $419.30 | $594.00 |
Source: CMS.gov and Medicare.gov
Medicare Part A
Medicare Part A covers inpatient hospital, skilled nursing facility, and some home health care services. Enrollees usually don’t pay a monthly premium for Medicare Part A coverage if they or their spouse paid Medicare taxes for a certain amount of time while working.
If your client doesn’t qualify for premium-free Part A, they can buy Part A.
Enrollees age 65 and older who have fewer than 40 quarters of coverage and certain persons with disabilities pay a monthly premium in order to voluntarily enroll in Medicare Part A. Individuals who had at least 30 quarters of coverage or were married to someone with at least 30 quarters of coverage may buy into Part A at a reduced monthly premium rate, which will be $278 in 2024, the same amount as 2023. Certain uninsured aged individuals who have less than 30 quarters of coverage and certain individuals with disabilities who have exhausted other entitlement will pay the full premium, which will be $505 a month in 2024, a $1 decrease from 2023.
In most cases, if you choose to buy Part A, you must also:
- Have Medicare Part B (Medical Insurance)
- Pay monthly premiums for both Part A and Part B
When Coverage Begins
It’s also important to note when your plan will begin based on your enrollment time:
- Enrolling 3 months before your 65th birthday: Medicare coverage will begin the first of the month you turn 65.
- Enrolling during the month of your 65th birthday: Medicare coverage will begin the first of the next month.
- Enrolling 1-3 months after your 65th birthday: Medicare coverage will begin the first day of the following month of enrollment.
With a local Medicare FMO serving independent agents in the Carolinas and all across the United States, you can find success in 2024! Stay up to date with the most important news in your industry by following us. If you would like help marketing for the new year, give us a call at (919) 460-6073 or email us at info@carolinaseniormarketing.com
