Understand Your Cost-Sharing Benefits
Medicare’s Annual Open Enrollment started October 15 until – December 7, 2023. It’s essential to understand your cost-sharing obligation under your Medicare Parts A & B, deductibles, Part D benefits. The Centers for Medicare & Medicaid Services (CMS) released its figures for 2024. Please see the below chart for your reference.
The standard Part B deductible for 2024 will be $240 from 2023 amount of $226.
The table below represents cost sharing:
If your income (Modified adjusted gross income) is higher you might be subject to pay above the standard premium for Parts B and D. What? Yes, an extra amount which is referred to Income Related Monthly Adjusted Amount (IRMAA).
The table below represents calculations based on a single-tax filer. Please note: CMS has a two-year modified adjusted gross income (MAGI) look back for IRMAs.
* 2023 Part B Premium $164.90
For more detailed information, please refer to this linked medicare.gov page for an easier-to-understand description of Medicare costs for you.
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Eleonore Weber, CLTC
Author, Disability, Health, Life, Long-Term Care, and Medicare Insurance solutions!
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Sources: 2023 Medicare.gov
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