Medicare Premiums and Costs Rising in 2024

The Medicare Part B premium will increase by $9.80 to $174.70 per month in 2024. This is a 5.9% increase from 2023.

The Medicare Part B deductible is increasing by $14 to $240 in 2024.

Income-related monthly adjustment amounts (IRMAA) for higher-income beneficiaries under Medicare Parts B and D are increasing due to the Part B premium increase.

The Medicare Part D deductible is increasing by $40 to $545 in 2024 for those with prescription drug coverage.

Medicare Part A premiums, deductibles, coinsurance, and copayments are also increasing in 2024, except for the Part A premium for those with fewer than 30 work credits.