Medicare recipients will see a 6 percent hike in their Part B premiums in 2024, increasing $9.80 from a monthly charge of $164.90 to $174.70. Medicare Part B covers medical expenses like doctor visits, diagnostic testing, and other outpatient services. The Social Security Administration (SSA) recently announced the change along with a 3.2 percent increase in the cost-of-living adjustment (COLA) to monthly benefits.
The Part B premium is deducted from the monthly Social Security benefit. SSA reports that the average monthly benefit is now $1,848 and that the 2024 COLA increase will bring the average benefit to $1,907 in 2024, a hike of $59. But the increase in the Part B premium will trim that increase by about $10.
You Should Get the Most Out of Social Security
Seniors will have fewer medical worries with added retirement income. That’s why Council of Seniors is working hard to get Congress to pass The SAVE Benefits Act. Seniors need this bill to make up for inadequate annual Social Security COLAs that have shortchanged them over a series of years. Once it passes, the missing $581 that belonged in their benefit will be reimbursed.
Sign our petition without delay to help us show Washington politicians how important this bill is.
We’d love for you to connect with us on Facebook and Twitter!