Healthcare costs are on the rise for Medicare recipients – nationwide.

The information for this article is sourced directly from the Centers for Medicare & Medicaid Services..

On the heels of the Social Security announcement of a 3.2% cost of living adjustment comes the official Medicare rates for 2024. As always a degree in finance would be helpful in understanding them.

First, let’s look at Part B premiums. That is the dollar amount that is deducted directly from Social Security checks. It is up $9.80, from $164.90 to $174.70. That is for individuals whose modified adjusted gross income is less than $103,000 or those who are married filing jointly less than $206,00. There are surcharges for higher earners.

Not only has the premium gone up, the annual deductible has risen as well. In 2023 the Part B deductible was $224. it will be $240. in 2024.

The Part A (inpatient hospital) deductible has gone from $1600. to $1632. The daily coinsurance rates have risen as well for longer stays. It is advised to visit the CMS.gov website for a better understanding. Also, medicare beneficiaries should have received a manual in the last several weeks explaining the programs.

I told you it was complicated.

One other thing I learned in my research for this article. There will never be an instance when the hike in Medicare premiums will exceed the COLA amount resulting in a lower Social Security check.

To sum up, in 2024 Social Security will go up by 3.2% and Medicare by 6% which does not take into account deductible and co-pay increases.

Written by McGeno for Newsbreak ~ October 20, 2023