2024 MEDICARE COSTS WERE JUST RELEASED

The 2024 Medicare costs were just released for the  2024 Medicare Plan Year which begins on January 1st, 2024.  The good news is, although there are many price increases, they are all fairly reasonable and they do not eat up all of the COLA (Cost Of Living Adjustment) that Social Security is giving everyone in 2024.

I often think that Medicare Part A is the most overlooked portion of Medicare.  For me, it is because most people take it for granted since this is the benefit we earn through our working career and we typically do not have to pay for it.  But, Part A is an invaluable part of Medicare.

The Medicare Part A Deductible in 2023 is $1600.00 and it will increase slightly to $1632.00 for the 2024 Plan Year. 

For those with a Medicare Advantage, you all pay a "Per-Day" amount for days 1-7 whenever/if ever you are admitted to the hospital. And, if you have Original Medicare with a Medicare Supplement or Medigap plan, you likely will have your deductible for Part A paid for by your Medicare Supplement carrier.

EVERYONE who participates in Medicare is obligated to pay their monthly Medicare Part B Premium.  Even those with Veterans Benefits or Federal Employee Benefits must also participate in Medicare to receive their other benefit packages. 

In 2023 the Medicare Part B deductible was $164.90 per month.  The speculation all year has not been if Medicare Part B rates will increase in 2024, but how much will the new Medicare Part B premiums actually be for the 2024 Plan Year.  And, now we know. Medicare Part B will cost $174.70 in 2024.  

Many in the industry (myself included) were bracing for an increase between $15 - $20 per month, based on the cost of the latest Alzheimer's Drug, Leqembi. So all in all, even though no one likes increases to their healthcare, this one is understandable, particularly because there is a 3.8% increase in monthly Social Security benefits for the coming year.

The absolute best part of Medicare is the fact there is such a low Deductible for all Outpatient services.  In 2024 the Medicare Part B Deductible will be increasing by $16 to $240.00 for the year.