Medicare Premiums and Deductibles to Increase in 2024, Offsetting Social Security COLA Gains

Medicare Part B premiums will increase by $9.80 per month to $174.70 in 2024. The annual deductible will also rise by $14 to $240.
Higher healthcare costs and repaying providers for past underpayments are driving the premium increases.
Higher income beneficiaries will pay more than the standard premium based on their income level.
The Medicare Part A deductible for each hospital stay will increase by $32 to $1,632 in 2024.
Increased Medicare premiums will reduce the impact of the annual Social Security COLA increase.