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How Much Does Medicare Part Premium B Cost 2024?

Medicare Parts A, B, C and D help cover senior health services but vary in associated premiums and out-of-pocket fees. Specifically understanding Part B expenses empowers planning for these insurance expenses in retirement. What are the standard Part B monthly premium costs? How do high-income surcharges and annual deductibles factor in? This article breaks down what you’ll pay.

Introduction to Medicare Part B

First understanding Part B coverage landmarks aids in valuing the costs:

  • Doctor visits plus outpatient care
  • Preventive services like cancer screenings
  • Durable medical equipment rentals
  • Mental health services

Part B fills significant gaps left by hospital-focused Part A. Most citizens pay ongoing premiums since taxpayer funds sponsor Part A.

Medicare Part A Cost Considerations

Contrasting Part B prices requires noting associated Part A expenses:

  • Little to no premiums for people with 10+ years of Medicare tax payroll deductions
  • Up to $506 per month premium with less than 30 work credits
  • In 2023, $1,600 Part A deductible for hospital visits per benefit period
  • $194.50 daily coinsurance for extended hospital/skilled nursing facility stays

Part A costs very little for longtime workers but adds up fast for those who didn’t pay taxes long enough.

Medicare Part B Monthly Premium Basics

$164.90 represents the standard monthly premium in 2023, with yearly cost of living adjustments. Higher income individuals pay more:

Part B Premium Surcharges

Individual IncomeMarried IncomeMonthly Premium
$97,000 or below$194,000 or below$164.90
$97,001 – $123,000$194,001 – $246,000$230.80
$123,001 – $153,000$246,001 – $306,000$297.00
$153,001 – $183,000$306,001 – $366,000$363.20
$183,001 – $499,999$366,001 – $749,999$428.60
$500,000 and above$750,000 and above$506.00

So premium costs inflate alongside higher retirement income ranges based on IRS tax data.

Medicare Part B Annual Deductible

The once-per-year deductible amount gets subtracted from initial Part B expenses before coverage kicks in.

In 2023, the annual deductible equals $226 per person.

Typical Medicare Part B Coinsurance

Once your deductible hits $0 balance for the year, Part B insurance starts chipping in partial costs:

  • Covering 80% of approved charges for doctor visits and outpatient services
  • You pay remaining 20% coinsurance

So beyond premiums, Part B also carries some visit fees, but far less than no coverage.

Contrast to Other Medicare Part Costs

Weighing Part B’s value requires contrasting other component expenses:

Part D Prescription Drugs

  • Annual costs range widely from $100s to $1000s
  • Varies based on selected private insurance plan
  • Income surcharges mirror Part B

Medicare Advantage Part C

  • Private insurers establish varying plan premiums
  • Plans average around $100 per enrollee monthly

So while Part B clearly costs more than free hospital Part A, it furnishes affordable coverage complementing other pieces.


When budgeting for healthcare costs in retirement, expect to pay an average of $ 164.90 monthly for Part B coverage with additional out-of-pocket coinsurance of 20%. Factoring inflating adjustments plus potential high-income bracket surcharges enables accurate planning. Combining Parts A, B, C and D establishes comprehensive protection.

We’re Here to Help

You do not have to spend hours reading articles on the internet to get answers to your Medicare questions. Give the licensed insurance agents at Manatee Insurance Solutions a Call at (352) 221-3779. You will get the answers you seek in a matter of minutes, with no pressure and no sales pitch. We are truly here to help.


What is the cost of Medicare Part B premium for 2024?

The standard monthly premium for Medicare Part B in 2024 is $174.70, you pay a monthly higher premium for individuals with higher incomes.

What does Medicare Part B premium cover?

 Medicare Part B premium covers medical insurance, including services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventive services.

Are there any income-related adjustments to the Medicare Part B premium?

 Yes, individuals with higher incomes may be subject to an income-related monthly adjustment amount (IRMAA) in addition to the standard Medicare Part B premium.

How do I sign up for Medicare Part B?

 If you are already receiving benefits from Social Security or the Railroad Retirement Board, you as beneficiary will be automatically enrolled in Medicare Part B. If not, you need to sign up during the initial enrollment period or special enrollment period.

Are prescription drug costs covered by Medicare Part B premium?

 No, prescription drug coverage is not included in Medicare Part B premium. You would need to enroll in a separate Medicare Part D prescription drug plan for this coverage.

Can I get help with paying for Medicare Part B premium?

 Some individuals may qualify for assistance programs that help with Medicare costs based on their income and resources. These programs include Medicare Savings Programs (MSPs) and Extra Help for Part D coverage.

What is the difference between Medicare Part B and Medicare Advantage Plans?

 Medicare Part B is part of Original Medicare and provides medical insurance, while Medicare Advantage Plans (Part C) are offered by private insurance companies and provide the benefits of Part A and Part B, sometimes including prescription drug coverage and additional benefits.

Is there a deductible for Medicare Part B?

 Yes, there is an annual deductible for Medicare Part B, which individuals are required to pay before Medicare begins to cover their share of costs for covered services.

How do I enroll in a Medicare Supplement Plan to help with Medicare costs?

 To enroll in a Medicare Supplement Plan, also known as Medigap, you should sign up during the open enrollment period, which begins on the first day of the month in which you are both 65 or older and enrolled in Medicare Part B.

Can I change my Medicare coverage and premiums during the year?

 Generally, you can make changes to your Medicare coverage and premiums during the annual open enrollment period, which takes place from October 15 to December 7 each year. Some individuals may qualify for special enrollment periods due to certain life events or circumstances.