2024 Medicare part B premiums, irmaas, and deductible, and Social Security COLA

CMS just announced the updated Part B premiums for 2024.

• The standard Part B Premium increased $9.80/month from $164.90/month in 2023 to $174.70/month in 2024.
• Part B deductible Increased $14 from $226 in 2023 to $240 in 2024.

Social Security also announces the 2024 Cost of Living Adjustment will be 3.2%

• On average, Social Security retirement benefits will increase by more than $50 per month starting in January.

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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.
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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.