Medicare Part B premiums for 2024 were announced in October 2023
The Centers for Medicare & Medicaid Services (CMS) announced the 2024 Part B premium on October 11, 2023. The standard monthly premium for most people was $164.90 — an increase from $166.10 in 2023. This announcement came before the year began, which is the normal schedule: CMS releases the following year's premiums in mid-October.
The timing matters because your premium takes effect on January 1 of each year. If you are already on Medicare, the new amount appears on your Social Security payment or your bill in December, giving you a month's notice before the change happens. If you are turning 65 or becoming newly may be able to access during 2024, you would have seen this premium amount when you first signed up.
Part B covers doctor visits, outpatient care, and medical equipment. The premium you pay depends on your income — higher earners pay more through a system called Income-Related Monthly Adjustment Amounts (IRMAA). The standard premium applies to people whose modified adjusted gross income falls below certain thresholds, which also change each year.
Key Takeaways
- CMS announces the next year's Part B premium in October, and it takes effect January 1 of that year.
- The 2024 standard premium was $164.90 per month for most people, though your actual premium may be higher if your income is above the IRMAA thresholds.
- Your new premium amount appears on your Social Security statement or Medicare bill in December, before the change takes effect.
- Income thresholds for IRMAA adjustments are based on your tax return from two years prior, so 2024 premiums used 2022 income information.
How the announcement schedule works each year
CMS follows a fixed calendar for premium announcements. In early October, the agency calculates the cost of Part B for the coming year based on expected doctor and outpatient spending. By mid-October, CMS publishes the new premium amount and sends notices to all current Medicare beneficiaries. This gives people about 2.5 months before the premium takes effect on January 1.
The announcement also includes the new deductible for Part B, which is separate from the premium. In 2024, the Part B deductible was $240 per year — the amount you pay out of pocket before Medicare begins to cover your doctor visits and outpatient services. Both the premium and deductible can change year to year.
If you miss the October announcement or do not receive your notice in the mail, you can find the current premium and deductible on Medicare.gov or by calling Medicare at 1-800-MEDICARE. The information is also included in your "Medicare & You" handbook, which arrives in the mail each fall.
Income-based premiums and how they affect your 2024 cost
Not everyone pays the standard Part B premium. If your income is above a certain level, you pay an Income-Related Monthly Adjustment Amount (IRMAA) on top of the standard premium. For 2024, these higher amounts ranged from $230.80 to $560.50 per month, depending on your income bracket.
Your IRMAA is based on your modified adjusted gross income (MAGI) from your tax return from two years before. So your 2024 premium was calculated using your 2022 tax information. This means if your income changed significantly in 2023 or 2024, your premium does not reflect that change until the following year.
If you experienced a major life event — such as retirement, loss of a spouse, or a significant drop in income — you can request that CMS recalculate your IRMAA using your current year's income instead. This is called a life-changing event appeal. You must request it within 60 days of the event and provide documentation, such as a tax return or a letter from your employer showing a job loss.
Where to find your 2024 premium information
Your official notice of your 2024 Part B premium came in the mail in December 2023. If you receive Social Security, the new premium amount was deducted from your January 2024 payment. If you do not receive Social Security, Medicare sent you a separate bill showing your premium.
You can also view your premium information anytime by logging into your Medicare account at Medicare.gov. Click "Billing and Payments" to see your current premium, deductible, and payment history. If you have questions about why your premium is higher than the standard amount, your account will show whether you are paying an IRMAA adjustment and the income bracket that triggered it.
If you believe your premium is incorrect — for example, if your income has dropped or if there is an error on your tax return — contact Medicare at 1-800-MEDICARE. You can also visit your local Social Security office if you receive benefits through Social Security.
What happens if you disagree with your premium amount
If you received an IRMAA notice and believe the income used to calculate it is wrong, you have the right to appeal. Common reasons for appeal include a divorce, death of a spouse, loss of income, or an error on your tax return. You do not need to wait until the next year — you can request a recalculation at any time.
To appeal, contact Social Security at 1-800-772-1213 if you receive benefits, or call Medicare directly at 1-800-MEDICARE if you do not. Have your most recent tax return and any documents showing your current income available. If your appeal is successful, your premium can be adjusted retroactively to January 1 of that year.
Keep in mind that an appeal based on a life-changing event must be filed within 60 days of the event. If you miss that window, you can still request a recalculation, but it may take longer and the adjustment might not go back to January 1.
Planning ahead for future year premiums
Part B premiums have generally increased each year, though the amount varies. The increase is tied to the rise in healthcare costs and the cost of living adjustment (COLA) that Social Security receives. You cannot predict the exact premium for future years, but you can plan by setting aside a small amount each month in case the premium goes up.
If you are still working and have employer health insurance, you may not need to enroll in Part B right away. However, if you delay enrollment past age 65 without employer coverage, you will face a permanent penalty on your premium. The penalty is 10 percent for each year you delayed, added to your premium for life. This is one reason to understand your enrollment window and make a deliberate choice about when to sign up.
Reviewing your income situation each year can also help you plan. If you know your income will increase significantly — for example, through a large inheritance or the sale of a home — you might want to discuss the IRMAA impact with a financial advisor or a Social Security representative before the year begins.
Frequently Asked Questions
When is the 2025 Part B premium going to be announced?
CMS will announce the 2025 Part B premium in mid-October 2024. The new premium will take effect January 1, 2025, and you will receive notice in December 2024 if you are already on Medicare.
Why did my Part B premium go down from 2023 to 2024?
The 2024 standard premium ($164.90) was lower than 2023 ($166.10) because CMS projected lower healthcare costs for Part B services. Premiums do not always increase — they reflect the expected cost of the program for that year. However, if you pay an IRMAA adjustment, your total premium may still have increased even if the standard premium decreased.
Can I change my Part B coverage if I do not like the new premium?
Part B is mandatory for most people on Medicare, and you cannot drop it without losing your Medicare coverage entirely. However, you can switch to a Medicare Advantage plan (Part C) during the annual enrollment period (October 15 to December 7), which may have different out-of-pocket costs. You can also appeal an IRMAA adjustment if your income has changed.
What if I did not receive my premium notice in the mail?
Check your Medicare account at Medicare.gov or call 1-800-MEDICARE to confirm your premium amount. If you receive Social Security, you can also call Social Security at 1-800-772-1213. Do not assume your premium stayed the same — it may have changed, and you need to know the correct amount.
Does my Part B premium include prescription drug coverage?
No. Part B covers doctor visits and outpatient care. Prescription drugs are covered under Part D, which is a separate plan with its own premium. You enroll in Part D during the same annual enrollment period as other Medicare changes, and the premium varies by plan and pharmacy.