CMS announces Medicare premiums, deductibles for 2024

The Medicare Part A deductible for inpatient hospital services will increase by $32 in calendar year 2024, to $1,632, the Centers for Medicare & Medicaid Services announced Oct. 12. The Part A daily coinsurance amounts will be $408 for days 61-90 of hospitalization in a benefit period; $816 for lifetime reserve days; and $204 for days 21-100 of extended care services in a skilled nursing facility in a benefit period. The monthly Part A premium, paid by beneficiaries who have fewer than 40 quarters of Medicare-covered employment and certain people with disabilities, will decrease by $1 in CY 2024 to $505, CMS announced. Certain voluntary enrollees eligible for a 45% reduction in the monthly premium will pay $278 in CY 2024.

The annual deductible for Medicare Part B will increase by $14 in 2024 to $240, while the standard monthly premium for Medicare Part B will increase by $9.80 to $174.70, CMS announced. For more information, see the CMS fact sheet.