CMS just announced the updated Part B premiums for 2024.
Social Security also announces the 2024 Cost of Living Adjustment will be 3.2%
2024 IRMAAs (Income Related Monthly Adjustments)
The Income Related Monthly Adjustment Amounts (IRMAAs) were also updated for 2024. You can find the tables below for individuals with income greater than $103,000 (or joint filers with income greater than $206,000). This income is based on your MAGI (Modified Adjusted Gross Income) from your 2022 Tax Return. These IRMAAs only affect about 7% of people with Medicare Part B.
If you are in one of the higher income brackets for the Part B IRMAAs, there is an additional IRMAA for the Part D Drug Coverage. The updated table for 2024 can be found below.
The table below shows the sum of the Part B Premium, Part B IRMAA, and Part D IRMAA for the higher income brackets for 2024.
The other changes for 2024 that were included in the announcement are below.
If you have a Medicare Supplement Plan F, Plan G, or Plan N, the Part A cost-sharing is fully covered by the Supplement so these changes below will not impact you.
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