Medicare patients will be paying more for their coverage in 2024, which will impact how much co-pay practices collect.
The Centers for Medicare & Medicaid Services (CMS) in October announced increases of around 6% to premiums and deductibles for physician and outpatient services (Part B), and around 2% for hospital stays and care (Part A).
CMS said standard monthly premiums for Part B coverage will be $174.70, up from $164.90 in 2023; annual deductibles will be $240, up from $226 in 2023. The agency attributed the growth “mainly … to projected increases in health care spending.”
Inpatient hospital deductibles (Part A) also went up, as did coinsurance amounts for stays beyond the covered 60 days.
“The Medicare Part A inpatient hospital deductible that beneficiaries pay if admitted to the hospital will be $1,632 in 2024, an increase of $32 from $1,600 in 2023,” according to the CMS fact sheet.
Patients with Medicare drug coverage (Part D) also likely will see adjustments, depending on their income.
The rise in patient costs comes at a time when Medicare physician payments continue to decline and payments to hospitals and other Medicare entities increase.
Additional information on the 2024 Medicare premiums and deductibles, including charts, can be found in this CMS fact sheet.
TMA equips you with the information you need to help stop looming Medicare physician pay cuts. Get involved in this crucial advocacy effort by downloading the toolkit.
Last Updated On
October 27, 2023
Originally Published On
October 27, 2023
Amy Lynn Sorrel
Associate Vice President, Editorial Strategy & Programming
Division of Communications and Marketing
(512) 370-1384