Each year the Medicare Part B premium, deductible and coinsurance rates are determined according to the Social Security Act. The standard monthly premium for Medicare Part B enrollees will be $174.70 for 2024, an increase of $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B beneficiaries was $226 in 2023, and with an increase of $7, the deductible for 2024 will be $240.

Medicare Open Enrollment for 2024 began on October 15, 2023 and ends on December 7, 2023. During this time, people eligible for Medicare compare 2024 coverage options between Original Medicare, and Medicare Advantage, and Part D prescription drug plans. In addition to the premiums and cost sharing information for 2024 Medicare Advantage and Part D plans, the Fee-for-Service Medicare premiums and cost sharing information was released to  enable people with Medicare to understand their Medicare coverage options for 2024.  Medicare health and drug plan costs and covered benefits can change from year to year, so people with Medicare should look at their coverage choices annually and decide on the options that best meet their health needs. 

Indeed Insurance is a non-government insurance agency who is available to answer your questions about plans in your area. To schedule a 1-on-1 phone appointment with a professional Licensed Agent located in the United States, visit www.IndeedInsurance.com or call 602.993.1122.