The standard monthly premium for Medicare is set to see an increase. As we approach the upcoming year, it’s crucial to stay informed about changes in healthcare costs, particularly regarding Medicare. At Hilgerman Insurance Solutions, we recognize the significance of understanding these adjustments. Here is what you need to know about the Medicare Part B premiums rising.

The Centers for Medicare and Medicaid Services, responsible for annual adjustments to Medicare cost benchmarks, have also raised the deductibles for both Part B and Part A. These adjustments are attributed to the swift escalation of healthcare costs, contributing to a nationwide surge in health insurance premiums. Every year Medicare “looks back” two years to your tax return to determine what you will pay the following year for Medicare Part B.

While Medicare Part A does not have a premium, the Part B premium amount is contingent on income. The monthly premiums for 2024 are as follows:

Medicare Part B

In terms of the Part B deductible, beneficiaries can expect an annual deductible of $240 in 2024, reflecting a $14 increase from the previous year’s deductible of $226.

Medicare Part A

As for Part A out-of-pocket costs, the inpatient hospital deductible for 2024 stands at $1,632, a $32 increase from the previous year’s $1,600. For stays exceeding 60 days, Medicare recipients in 2024 will face a daily coinsurance amount of $408 for the 61st through 90th day of hospitalization (compared to $400 in 2023) in a benefit period. Additionally, the coinsurance for lifetime reserve days will be $816 per day (compared to $800 in 2023).

Medicare Part D

In the realm of Part D, CMS projects that the standard monthly premiums for Medicare Part D will be $55.50 in 2024. Similar to Part B, higher income earners will incur higher premiums, with approximately 8% of Part D beneficiaries facing upward IRRMA premium adjustments ranging from $12.90 to $81 per month.

Medicare Advantage

Looking at Medicare Advantage, the average monthly premium for all plans, including Medicare Advantage-Prescription Drug plans, is expected to slightly increase from $17.86 in 2023 to $18.50 in 2024. Notably, nearly 73% of enrollees opting to retain their plans will experience little to no premium increase for 2024. Many plans remain at a zero monthly premium.

Hilgerman Insurance Solutions remains committed to keeping you well-informed and empowered in managing your healthcare coverage. Understanding the dynamics of these adjustments is integral to making informed decisions about your well-being. Our aim is to be your trusted partner in navigating the complexities of healthcare, offering clarity and expert guidance. As the landscape evolves, Hilgerman Insurance Solutions stands ready to assist you in securing the coverage that aligns with your needs.

Hilgerman Insurance Solutions of Camarillo is an independent insurance agency that specializes in the senior market, while also offering health insurance solutions for small businesses and individuals. We are contracted with most of the top insurance providers to offer you plans that best suit your needs, all with personal hands-on service and support.

Our commitment is to provide expertise, friendly service along with a timely response. Please feel free to contact us today for a quote and/or no-cost consultation. 

Hilgerman Insurance Solutions
(805) 279-5482