On Thursday, October 12, 2023, CMS (Centers for Medicare & Medicaid Services) announced the Medicare rates for 2024 as follows:
The Part B monthly premium base rate will be $174.70 (up $9.80 from $164.90 in 2023). The base rate applies if your modified adjusted gross income (MAGI) as reported on your IRS tax return from 2 years ago was $103,000 or less if you filed your taxes individually or $206,000 or less if you filed your taxes jointly. If your MAGI was higher, your Part B premium will be higher. For the complete chart showing Part B premiums for higher income individuals click here.
The Part B annual deductible will be $240 (up $14 from $226 in 2023).
The annual deductible for high-deductible Medicare Supplement (MediGap) Plans F and G for 2024 will be $2,800 (up $100 from $2700 in 2023).
The cost of the Part B monthly premium base rate affects virtually everyone on Medicare. You must pay your Part B monthly premium to remain on a Medicare Advantage plan and on original Medicare with a supplement. The Part B annual deductible affects only those on original Medicare Plans G and N with a supplement. If you're on a Medicare Advantage plan, the plan absorbs the Part B annual deductible. The annual deductible for high-deductible Medicare supplement Plans F and G affects only those who are on those high-deductible plans.