For numerous retirees, one of their largest expenditures is healthcare. And the price is set to rise even further.
The Centers for Medicare and Medicaid Services (CMS) revealed the premium and threshold rates for Medicare in 2024 this past week. The amount that will be withdrawn from your Social Security benefits next year to cover Medicare Part B premiums is shown below.
The majority of Social Security beneficiaries who have chosen to join Medicare Part B have the monthly fees removed from their checks automatically. The majority of those people are also eligible for the basic Part B premiums, which are offered to recipients submitting personal tax returns with a revised adjusted gross income (MAGI) of no more than $103,000 and recipients filing combined tax returns with a MAGI of no more than $206,000.
The usual monthly Medicare Part B premium in 2024 is going to be $174.70. This represents an increase of $9.80 each month over the premium cost in 2023.
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