Retirees can expect to pay an additional $10 per month for their Medicare Part B coverage in 2024, as healthcare spending continues to rise. The Centers for Medicare and Medicaid reported that the monthly premium for Medicare Part B will be $174.70, a $9.80 increase from the previous year’s $164.90.

Fortunately, the Senior Citizens League, a nonpartisan think tank, expressed relief that the increase is not as high as initially feared. The group had concerns that the approval of a new Alzheimer’s drug, Leqembi, by CMS could lead to a steeper rise in Medicare Part B costs.

However, this increase in Medicare Part B coverage will impact the higher Social Security checks that retirees will receive. The Social Security Administration announced that beneficiaries will see a 3.2% cost-of-living adjustment in 2024, equivalent to nearly $60 per month. It’s important to note that Part B premiums are automatically deducted from a retiree’s Social Security check.

Additionally, the annual deductible for all Medicare Part B beneficiaries will rise to $240 in 2024, representing a $14 increase from the previous deductible of $226, according to CMS.

These changes highlight the ongoing concerns surrounding healthcare costs for retirees and the importance of understanding how Medicare coverage can impact their financial well-being.

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