The final total you can expect to pay for Medicare Premiums in 2024 is out. The Centers for Medicare and Medicaid Services announced Medicare Parts A and B are getting more expensive, and some who receive Medicare Part D will have to pay a cost adjustment, depending on their income. We’ll tell you how much below.
Each year, the Social Security Administration determines what the costs associated with the Medicare program will be. It then either raises or lowers premiums and deductibles using rules set out in the Social Security Act.
Here’s how much prices could change if you receive Medicare Parts A, B and D. In addition, if you receive Social Security, here’s how much the COLA increase will be next year.
Medicare Part A costs are going up in 2024
While roughly 99% of Medicare beneficiaries don’t have Part A premiums, according to the CMS, costs associated with part A are going up. Here’s how much the increase will be.
- Inpatient hospital deductible: $32 increase
- Daily hospital coinsurance for days 61 through 90: $8 increase
- Daily hospital coinsurance for lifetime reserve days: $16 increase
- Skilled nursing facility daily coinsurance (days 21 through 100): $4 increase
Medicare Part B is increasing in 2024
Due to a new Alzheimer’s treatment coming to the market (Leqembi, from pharmaceutical companies Eisai and Biogen), Medicare beneficiaries are expected to pick up the cost. Therefore, Medicare Part B prices will increase in 2024. The costs will go up from the current $164.90 to $174.70, an increase of nearly $10 a month.
Leqembi is a treatment for those in the early stages of Alzheimer’s disease.
