Medicare Announces 2024 Premium Increase

Medicare has announced the standard monthly premium for Medicare Part B enrollees will be $174.70 in 2024, an increase of $9.80 from $164.90 in 2023.

According to the Centers for Medicare and Medicaid Services, the increase is mainly due to projected increases in health care spending.

Most Americans’ Part B premium is automatically deducted from their monthly Social Security benefit. If you pay using Social Security’s Easy Pay program, your payment will be automatically adjusted.

However, if you pay your premium from your checking or savings account using an online banking service, you will need to adjust your payment amount to $174.70 before the January payment.

If you have questions, please call Social Security, which handles Medicare’s billing, at 1-800-722-1213.