Understanding the 2024 Premium Changes and Income-Based Adjustments
Discover what is Medicare Part B premium for 2024, the changes from previous years, and how it affects your health care costs.
The standard Medicare Part B monthly premium for 2024 is $174.70, an increase of $9.80 from $164.90 in 2023. This premium applies to most Medicare beneficiaries.
While the increase may seem modest, for those also subject to IRMAA surcharges, the total monthly premium can be significantly higher based on income level.
Higher-income beneficiaries pay more through IRMAA calculations. The 2024 brackets start at $103,000 for individuals, with increasing surcharges at higher income levels.
View the complete 2024 IRMAA brackets to see how your income affects your total Part B premium.
Medicare Part B covers outpatient care, physician services, preventive services, durable medical equipment, and some prescription drugs administered in clinical settings.
Compared to previous years, the 2024 premium reflects ongoing increases in healthcare costs. Financial professionals should help clients plan for these annual increases as part of comprehensive retirement healthcare planning.
Our tools help forecast Part B premiums and IRMAA costs across multiple years.
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