You’ll get some help paying the bills if you receive Social Security. The Social Security Administration announced last week that the 2024 cost-of-living adjustment (COLA) will be 3.2%. That translates to a monthly increase of nearly $59 for the average monthly Social Security benefit for retired workers.
That was the good news. Here’s the bad:
In 2024, the standard Medicare Part B monthly premium will be $174.70. This reflects a $9.80 per month increase from the premium amount in 2023.
That’s not the only financial impact on the way for Medicare Part B members, though. The annual deductible for Part B will also increase by $14 to $240 next year. CMS stated that this increase is primarily due to higher anticipated healthcare costs.
Around 8% of Medicare Part B beneficiaries must pay more than the standard premiums. The program has five tiers of adjustment levels based on income for high earners.
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Photo credit: the-express.com
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