Jessica Hall is a retirement reporter for MarketWatch.
Retirees will spend about $10 more a month for their Medicare Part B coverage due to increases in healthcare spending, according to the Centers for Medicare and Medicaid.
Medicare Part B, which covers physicians’ services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A, will be $174.70 a month for 2024, an increase of $9.80 from $164.90 in 2023. The Senior Citizens League, a nonpartisan think tank, said it was relieved that Medicare Part B increase in 2024 won’t be as high as initially feared. The pro-senior group said it had feared that the Medicare Part B increase might rise more after CMS approved a new Alzheimer’s drug, Leqembi.
The higher Medicare Part B coverage will eat into the higher Social Security check that retirees will receive. On Thursday, the Social Security Administration said beneficiaries will see a cost-of-living adjustment of about 3.2%, or almost $60 a month, in 2024. Part B premiums are automatically deducted from a retiree’s Social Security check.
Meanwhile, the annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the annual deductible of $226 in 2023, according to CMS.
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