Yes, Medicare premiums and deductibles increased in 2024

Medicare Part B premiums went up in 2024, and so did deductibles for hospital and medical coverage. The exact amount you pay depends on your income and which parts of Medicare you have. If you're on Social Security, your benefit may have increased enough to cover some or all of the premium rise — this is called the "hold harmless" rule — but that's not may provide for everyone.

The increases announced in late 2023 took effect on January 1, 2024. If you haven't seen the change in your Social Security deposit or your Medicare bill yet, it's worth checking your official documents to confirm what you're actually paying.

Key Takeaways

  • Part B premiums increased for 2024, with the standard premium higher than 2023, though the exact amount depends on your income level.
  • Part A deductible (hospital coverage) and Part B deductible (medical coverage) both went up, meaning you pay more out of pocket before Medicare coverage begins.
  • If you receive Social Security, your benefit increase may offset the premium rise under the hold harmless rule, but this varies by individual circumstances.
  • Higher-income beneficiaries pay surcharges on top of the standard premium, and these surcharges also increased for 2024.
  • You can review your official Medicare Summary Notice or Social Security statement to see your exact 2024 costs.

What changed in Part A and Part B premiums

Part B premiums increased for most people in 2024. The standard monthly premium rose compared to 2023. However, if your income is above a certain threshold, you pay an additional amount called an Income-Related Monthly Adjustment Amount (IRMAA). These surcharges also increased for 2024.

Income thresholds for IRMAA are based on your tax return from two years prior. So your 2024 surcharge is based on your 2022 income. If your income dropped significantly in 2023 or 2024 — due to retirement, job loss, or a major life event — you may be able to request a reduction. You would file a form with Social Security to report the change.

Part A (hospital insurance) also has a deductible that increased for 2024. This is the amount you pay for the first day of a hospital stay before Medicare begins to pay. If you don't have Part A, or if your coverage ended, you may face a penalty if you sign up later.

How the hold harmless rule affects your Social Security check

The hold harmless rule protects most Social Security beneficiaries from having their monthly benefit reduced because of a Medicare premium increase. In other words, your Social Security payment should not go down when Medicare premiums go up.

This rule applies to people who are both receiving Social Security and paying Part B premiums through Social Security. However, it does not explore to everyone. If you are not yet on Social Security, if you have higher income and pay IRMAA surcharges, or if you pay your Medicare premium separately (not through Social Security), the hold harmless rule may not protect you.

When Social Security increases due to cost-of-living adjustments (COLA), the hold harmless rule means your net payment — the amount you receive after Medicare premiums are deducted — should not decrease. But if the COLA increase is smaller than the premium increase, you may still see a smaller net benefit.

Part B deductible and coinsurance changes

Beyond the premium, Part B has a yearly deductible. This is the amount you must pay for covered services before Medicare starts to pay its share. The Part B deductible increased for 2024.

After you meet the deductible, you typically pay 20 percent of the cost for most doctor visits and outpatient services, and Medicare pays 80 percent. Some services, like preventive care, have no deductible and no coinsurance — Medicare covers them in full. The deductible applies to many services but not all, so it's worth checking what your specific service will cost.

Part D prescription drug coverage costs

If you have Part D (prescription drug coverage), your plan's premium, deductible, and copayments may have changed for 2024. Part D plans are offered by private insurance companies, so costs vary widely from plan to plan and year to year.

You can review your current plan's costs in your plan documents or on Medicare.gov. If your plan's costs increased significantly or if your medications are no longer covered at the same price, you have the right to switch to a different Part D plan during the annual enrollment period (October 15 to December 7 each year). The changes take effect January 1 of the following year.

Medigap and Medicare Advantage premium changes

If you have a Medigap policy (supplemental insurance), your premium is set by the insurance company, not by Medicare. Medigap premiums can increase each year, and the amount varies by company and by the specific plan you choose. Check your policy documents or contact your insurance company to see what you're paying in 2024.

If you have Medicare Advantage (Part C), your plan premium may have changed for 2024. Medicare Advantage plans are also offered by private insurers, and premiums, deductibles, and copayments vary by plan. You can compare plans on Medicare.gov or call 1-800-MEDICARE to review your options.

How to find your exact 2024 costs

The best way to know what you're paying is to check your official documents. If you receive Social Security, your Social Security statement shows your monthly benefit and the Medicare premium deducted. Your Medicare Summary Notice arrives in the mail each year and lists your Part A deductible, Part B premium, and other costs.

You can also log into your account on Medicare.gov to view your coverage and costs. If you have questions about a specific charge or if you think there's an error, call 1-800-MEDICARE. Representatives can explain your bill and help you understand what changed.

Frequently Asked Questions

Will my Social Security check go down because of higher Medicare premiums?

Not if you're covered by the hold harmless rule, which applies to most Social Security beneficiaries paying Part B premiums through Social Security. Your net payment should not decrease. However, if you pay IRMAA surcharges or pay your premium separately, the rule may not explore to you.

What if I can't afford the higher premiums?

You may be able to get help paying premiums through Medicaid or through programs like the Medicare Savings Program, depending on your income and state. Contact your state Medicaid office or call 1-800-MEDICARE to learn about programs in your area.

Can I change my Medicare plan if costs went up too much?

Yes. You can switch Part D plans, Medicare Advantage plans, or Medigap policies during the annual enrollment period (October 15 to December 7). Changes take effect January 1. You can also make changes if you have a may have access to life event, like moving or losing other coverage.

How do I report a change in income to lower my IRMAA surcharge?

File a form with Social Security if your income dropped due to retirement, job loss, or another major life event. The form is called the "Medicare Income-Related Monthly Adjustment Amount — Life-Changing Event" form. Social Security can tell you whether your situation qualifies and help you file.

Where can I compare 2024 Medicare plans side by side?

Medicare.gov has a plan comparison tool where you can enter your medications, doctors, and hospitals to see which plans cover them and what the costs are. You can also call 1-800-MEDICARE and speak with a representative who can walk you through your options.