2024 Medicare Part A & Part B Premiums and Deductibles

• By: Maureen Carland
• On: 10/30/2023 11:54:07
• In: Quality/Regulatory

The Centers for Medicare & Medicaid Services (CMS) has unveiled the premium, deductible, and coinsurance details for the Medicare Part A and Part B programs for the year 2024.
Medicare Part A encompasses coverage for inpatient hospitals, skilled nursing facilities, hospice care, inpatient rehabilitation, and select home health services. Nearly 99 percent of Medicare beneficiaries are exempt from a Part A premium, provided they have accrued a minimum of 40 quarters of Medicare-covered employment, as determined by the Social Security Administration.

• For beneficiaries receiving care in skilled nursing facilities, the daily coinsurance rate for days 21 through 100 of extended care services within a benefit period will rise to $204.00 in 2024, up from $200.00 in 2023.

 
Medicare Part B, on the other hand, provides coverage for physicians' services, outpatient hospital services, specific home health services, durable medical equipment, and certain other medical and health services that aren't covered by Medicare Part A. Each year, the rates for Medicare Part B premiums, deductibles, and coinsurance are calculated in accordance with the provisions of the Social Security Act.

• The standard monthly premium for Medicare Part B enrollees will be $174.70 for the year 2024, marking an increase of $9.80 from the $164.90 seen in 2023.
• As for the annual deductible applicable to all Medicare Part B beneficiaries, it will amount to $240 in 2024, reflecting a $14 increase from the previous annual deductible of $226 in 2023.

 
Since 2007, the monthly premium for Part B beneficiaries has been determined based on their income level. Further details regarding the 2024 premiums based on income levels can be found in the CMS fact sheet.
 
Staff Contact: mcarland@mehca.org