2024 Medicare Part B Premiums on the Rise

Medicare Part B premiums for 2024 will increase by $9.80, or 6%, to $174.70 per month, with the annual deductible rising to $240. The increase is due to projected increases in healthcare spending and the need to repay providers for underpayment. Higher-income beneficiaries will pay more, with premiums ranging from $244.60 to $584 per month. The increase will partially offset the 3.2% cost of living adjustment for Social Security recipients. Medicare open enrollment for 2024 is approaching, and Medicaid is a separate federal program that provides healthcare coverage for low-income individuals.