No. 23-9 For Immediate Release

October 2023

Medicare Part B Premium and Deductible Increase in 2024

The Centers for Medicare & Medicaid Services (CMS) has announced that the standard monthly Part B 

premium will be $174.70 in 2024, an increase of $9.80 from $164.90 in 2023. The annual deductible for all 

Medicare Part B enrollees in 2024 will be $240, an increase of $14 from the 2023 deductible of $226. The 

increases are mainly due to projected increases in healthcare spending.

Certain beneficiaries will continue to pay higher premiums based on their modified adjusted gross income.

The monthly Part B premium that includes an income-related adjustment for 2024 will range from $244.60 to 

$594.00, depending on the extent to which an individual beneficiary’s modified adjusted gross income 

exceeds $103,000 (or $206,000 for a married couple). The highest rate applies to beneficiaries whose incomes 

exceed $500,000 (or $750,000 for a married couple). CMS estimates that about 8 percent of Medicare

beneficiaries pay the income-adjusted premiums.

Beneficiaries in Medicare Part D prescription drug coverage plans pay premiums that vary from plan to 

plan. Part D beneficiaries whose modified adjusted gross income exceeds the same income thresholds that 

apply to Part B premiums also pay a monthly adjustment amount. In 2024, the adjustment amount ranges 

from $12.90 to $81.00.

The Railroad Retirement Board withholds Part B premiums, Part B income-related adjustments, and Part 

D income-related adjustments from benefit payments it processes. The agency can also withhold Part C and D 

premiums from benefit payments if an individual submits a request to his or her Part C or D insurance plan. 

The following tables show the income-related Part B premium adjustments for 2024. The Social Security 

Administration (SSA) is responsible for all income-related monthly adjustment amount determinations. To 

make the determinations, SSA uses the most recent tax return information available from the Internal Revenue 

Service. That will usually be the beneficiary’s 2022 tax return information for 2024. If that information is not 

available, SSA will use information from the 2021 tax return.

Railroad retirement and social security Medicare beneficiaries affected by the 2024 income-related 

premiums will receive a notice from SSA by the end of the year. The notice will include an explanation of the 

circumstances when a beneficiary may request a new determination. Persons who have questions or would 

like to request a new determination should contact SSA after receiving their notice.

Additional information about Medicare coverage, including specific benefits and deductibles, can be 

found online at Medicare.gov.

(See reverse side for accompanying tables.)

# # #

U.S. Railroad Retirement Board

RRB News

844 North Rush Street Chicago, Illinois 60611-1275

RRB.gov

General Information: 877-772-5772

Public Affairs

Media Inquiries: opa@rrb.gov

312-751-4777
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2024 PART B PREMIUMS

Beneficiaries who file an 

individual tax return 

with income:

Beneficiaries who file a 

joint tax return 

with income:

Income-related 

monthly 

adjustment amount

Total monthly 

Part B 

premium

amount

Less than or equal to $103,000 Less than or equal to 

$206,000 $0.00 $174.70

Greater than $103,000 and less 

than or equal to $129,000

Greater than $206,000 and 

less than or equal to 

$258,000

$69.90 $244.60

Greater than $129,000 and less 

than or equal to $161,000

Greater than $258,000 and 

less than or equal to 

$322,000

$174.70 $349.40

Greater than $161,000 and less 

than or equal to $193,000

Greater than $322,000 and 

less than or equal to 

$386,000

$279.50 $454.20

Greater than $193,000 and less 

than $500,000

Greater than $386,000 and 

less than $750,000 $384.30 $559.00

$500,000 and above $750,000 and above $419.30 $594.00

The monthly premium rates paid by beneficiaries who are married, but file a separate return from their 

spouses and who lived with their spouses at some time during the taxable year, are different. Those rates are 

as follows:

Beneficiaries who are married, 

but file a separate tax return, 

with income:

Income-related monthly 

adjustment amount

Total monthly Part B 

premium amount

Less than or equal to $103,000 $0.00 $174.70

Greater than $103,000 and

less than $397,000 $384.30 $559.00

$397,000 and above $419.30 $594.00