Hmm. Talk about irony. As I’m writing this post it is the 13th of October, and this is my 13th blog post since I started doing them earlier this year. I think these unique moments are kind of cool. Enough about that.
Today I finally have the new numbers for Medicare next year. Of course, the biggest question is “What will my Part B premium be?” After it was down in 2023 compared to 2022, it is no big surprise that it would be up for 2024. Our new standard premium for 2024 is $174.80, or almost $10 a month. Now I’m anxious to see how much Social Security incomes increase. I could be pessimistic, but I think I’ll hold my tongue.
Other key numbers include:
Part A Deductible is $1,632 per benefit period of up to 60 days. Day 61 to 90 is $408, and days 91 to 150 are $816. These numbers should only concern you if you do not have a Medicare Advantage Plan or a Supplement (Medigap) plan.
Part A Skilled Nursing costs remain at $0 for days 1 to 20, and days 21 to 100 will go to $204 per day.
The Part B deductible has moved up to $240 for each calendar year. A $14 increase per year is not bad. However, please don’t forget with Part B, after you pay the deductible there is a 20% copay. This is the number that I have literally seen bankrupt people.
If all you have is Medicare Parts A & B, please talk to someone.
Below is the chart for 2024 IRMAA or Income Related Monthly Adjustment Amounts. For those who have higher incomes, this matters.
2024 IRMAA Thresholds if CPI-U remains constant and legislation is not passed by Congress
|
Individual |
Couple |
Part B |
Part D |
|
$102,500 |
$205,000 |
$174.80 |
Premium (varies) |
|
$102,500 – $130,000 |
$205,000 -$260,000 |
$244.70 |
Premium + $12.90 |
|
$130,000 – $162,000 |
$260,000 – $324,000 |
$349.60 |
Premium + $33.30 |
|
$162,000 – $193,500 |
$324,000 – $387,000 |
$454.40 |
Premium + $53.80 |
|
$193,500 – $500,000 |
$387,000 – $500,000 |
$559.20 |
Premium + $74.20 |
|
> $500,000 |
> $750,000 |
$594.20 |
Premium + $81.00 |
I know that costs overall are up, but the cost of Medicare compared to actual medical costs makes this a bargain. Having come off of the Affordable Care Act costs when just the monthly premium Peg and I were paying was $2000, I’ll take this any day.
If you have questions, please don’t hesitate to contact us. We have over two decades of experience and I am confident we can help you find the best fit for you.