Nov. 21, 2023
CMS Announces 2024 Medicare Part A and B Premium and Deductible Amounts
The Centers for Medicare & Medicaid Services (CMS) announced 
that the CY 2024 Medicare Part A premium, which few beneficiaries pay, will be $505, a $1 decrease from 2023. The Part A deductible will be $1,632 in 2024, an increase of $32 from 2023.
Medicare Part B Premium and Deductible Increases
CMS reported that the standard monthly Medicare Part B premium for CY 2024 will be $174.70, an increase of $9.80 from 2023.
CMS also announced that the Medicare Part B annual deductible for all beneficiaries will be $240 in 2024, an increase of $14 from 2023. The Part B deductible is used to calculate Medicare Supplement rates; however, the 2024 premium and deductible amounts for Medicare Advantage (MA) and Part D plans are already finalized and are unaffected by this announcement.
CMS explains the increase in the 2024 Part B premium and deductible amount is largely a result of expected increases in health care spending. CMS also notes the proposed remedy for the 340B-acquired drug payment policy for the 2018-2022 period under the Hospital Outpatient Prospective Payment System as having a lesser, but notable impact.
