2024 will be 3.2 percent. The average monthly Social Security retirement benefit will rise by $59, from approximately $1,848 to $1,907, according to the SSA. Medicare beneficiaries who are also receiving Social Security retirement benefits see their Part B premiums deducted directly from those monthly payments.

Premiums for high-earners also rising

CMS also announced the premiums for those Medicare enrollees who pay higher monthly charges because of their income will also increase.

Part B beneficiaries with annual individual incomes greater than $103,000 will pay more than the standard premium — how much more will depend on income. For example, someone filing an individual tax return whose income is between $103,000 and $129,000 will pay $244.60 a month for Part B instead of the standard $174.70. CMS says about 8 percent of Medicare beneficiaries pay more than the standard monthly premium.

Most Medicare enrollees must pay the Part B premium whether they have original Medicare or a private Medicare Advantage plan. Some Advantage plans offer a “giveback” benefit where the insurer covers part or all of a member’s Part B monthly premium. Consumers can find those plans on the Medicare plan finder. Deductibles in Medicare Advantage vary by plan.

Part A costs increasing

While most Medicare enrollees do not pay a monthly premium for Part A, which covers inpatient hospitals, skilled nursing facilities, hospice, and some home healthcare services, there is a deductible charged for each hospital stay.

For 2024, the Part A deductible will be $1,632 per stay, an increase of $32 from this year. For those people who have not worked long enough to qualify for premium-free Part A, the monthly premium is little changed. The full Part A premium will be $505 a month in 2024, a $1 decrease.