- The standard Part B Premium increased $9.80/month from $164.90/month in 2023 to $174.70/month in 2024.
- Part B deductible Increased $14 from $226 in 2023 to $240 in 2024.
Social Security also announces the 2024 Cost of Living Adjustment will be 3.2%
- On average, Social Security retirement benefits will increase by more than $50 per month starting in January.
2024 IRMAAs (Income Related Monthly Adjustments)
The Income Related Monthly Adjustment Amounts (IRMAAs) were also updated for 2024. You can find the tables below for individuals with income greater than $103,000 (or joint filers with income greater than $206,000). This income is based on your MAGI (Modified Adjusted Gross Income) from your 2022 Tax Return. These IRMAAs only affect about 7% of people with Medicare Part B.
If you are in one of the higher income brackets for the Part B IRMAAs, there is an additional IRMAA for the Part D Drug Coverage. The updated table for 2024 can be found below.
The table below shows the sum of the Part B Premium, Part B IRMAA, and Part D IRMAA for the higher income brackets for 2024.
The other changes for 2024 that were included in the announcement are below.
If you have a Medicare Supplement Plan F, Plan G, or Plan N, the Part A cost-sharing is fully covered by the Supplement so these changes below will not impact you.
