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Medicare Part B

All articles tagged with #medicare part b

finance2 years ago•4 min saved

"2024 Social Security Update: Increased Payments and Key Factors Affecting Retirees' Benefits"

In 2024, retirees will see a 3.2% cost-of-living adjustment (COLA) to their Social Security benefits, resulting in an average monthly increase of over $50. However, the actual benefit amount will be affected by higher Medicare Part B premiums, which will rise by $9.80 per month, and the potential taxation of benefits depending on combined income levels. Additionally, those who work while receiving benefits may face an earnings test, which could withhold some benefits if earnings exceed certain thresholds. These factors are crucial for retirees to consider when planning their income for the year ahead.

via CNBC|

#cola #finance #medicare-part-b

healthcare2 years ago•2 min saved

Medicare Costs Surge in 2024: What You Should Expect

Medicare costs are set to rise in 2024, with the standard monthly premium for Medicare Part B increasing by $9.80 and the annual deductible rising by $14. Additionally, the cost of hospital care under Medicare Part A is also increasing, including daily coinsurance costs and skilled nursing facility coinsurance. Higher earners will face surcharges for Medicare Part B. Seniors with limited financial resources should plan accordingly and consider switching to a less expensive Medicare plan during the open enrollment period to offset rising costs.

via The Motley Fool|

#deductibles #healthcare #healthcare-costs

healthcare2 years ago•3 min saved

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.

via USA TODAY|

#healthcare #healthcare-premiums #medicare

healthcare2 years ago•2 min saved

2024 Brings Higher Medicare Part B Premiums

The standard monthly premium for Medicare Part B will increase by $9.80 per month in 2024, reaching $174.70. The annual deductible for Part B will also increase to $240. These adjustments are primarily due to projected increases in healthcare spending. The changes in premiums and deductibles will impact the Social Security cost-of-living adjustment and affect beneficiaries' Medicare Part B payments. High-income beneficiaries will pay more for Part B based on their modified adjusted gross income. Additionally, Medicare Part A costs, which cover inpatient hospital care, will also increase in 2024.

via CNBC|

#deductible #healthcare #healthcare-spending

social-security2 years ago•2 min saved

"Important Dates and Increases: Social Security Updates for Recipients"

On October 12, the Bureau of Labor Statistics will release September's Consumer Price Index (CPI), allowing the Social Security Administration (SSA) to calculate the cost-of-living adjustment (COLA) for 2024. Estimates suggest that the raise will be in the 3% to 3.5% range, significantly lower than the 8.7% increase in 2023. However, a smaller raise may indicate a decrease in living costs. Seniors should also be aware that a potential hike in Medicare Part B premiums could reduce the impact of the COLA. The SSA will also release a fact sheet on other changes to the program on October 12.

via The Motley Fool|

#cola #inflation #medicare-part-b