Medicare Part B standard monthly premiums are set to increase by roughly 6% in 2024,

jumping from $164 in change per month to $174 in change per month.

The annual deductible is also set to increase from $226 to $240.

On the other hand, some big news headlines have been floating around sharing that the

average Medicare Part D premiums nationwide are set to decrease slightly by about $1 per month

next year in 2024. However, Medicare Part D, which covers prescription drugs, varies widely by

your chosen plan and your state of residence.

And those headlines are hiding some dramatic increases in Part D premiums in several states

with very large retiree populations, states like California, Texas, New York, Florida, and Pennsylvania.

For high-end plans in those states, the average Medicare Part D premium increase in 2024

is projected to be around 40%. Also, as many listeners are all too familiar with, part B and

Part D premiums can be much higher than those standard premiums if your modified adjusted gross income exceeds the Irma surcharge thresholds.

Irma is that pesky surcharge that affects Medicare members who make too much money.

And it doesn't take much for a retiree to exceed those Irma thresholds if they've been a good saver and or have healthy income coming

in from pensions, annuities, investments, etc. I'm not sure how you spent your Thanksgiving week,

but I spent a good chunk of mine updating my comprehensive guide on how to navigate Irma surcharges,

which includes the freshly updated 2024 Irma brackets.

So if you want to view the updated income numbers and get ahead of next year's planning,

I'll include a link to the article in today's show notes, and I'll also include a link to it in the episode description for today

so you can access it directly from your podcast app.

Now, while not everyone will be negatively impacted by Irma or the

changes to Medicare Part B and Part D premiums, many retirees will be or should be reviewing

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