The Centers for Medicare & Medicaid Services (CMS) has announced that the Medicare Part B monthly premium and annual deductible will increase in 2024. Starting in 2024, the standard monthly premium for Medicare Part B enrollees will be $174.70, which is $9.80 more than the 2023 premium of $164.90. Additionally, the annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the previous year's deductible of $226 in 2023.

Medicare Part B covers various medical and health services not covered by Medicare Part A. These include physicians' services, outpatient hospital services, certain home health services, durable medical equipment, and other medical and health services. The premium and deductible for Part B are determined by the provisions of the Social Security Act and are based on projected increases in healthcare spending and other factors.

If your income is higher, you may have to pay more for your Part B premium, which is based on your modified adjusted gross income (MAGI). This additional amount is called the income-related monthly adjustment amount (IRMAA). The table below shows the 2024 Part B total premiums for high-income beneficiaries who have full Part B coverage and file individual or joint tax returns with MAGI. 

Beneficiaries who file individual tax returns with MAGI and beneficiaries who file joint tax returns with MAGI have different income-related monthly adjustments.

For those seeking detailed information on Medicare Part B costs and benefits, the official Medicare website provides comprehensive resources. Additionally, there are several articles available that explain the recent changes in 202434. To determine your life insurance needs, you may find it helpful to use a life insurance calculator.