Your Social Security benefits and your Medicare costs and coverage change each year, so it is important to understand and review your benefits. Here is an overview of what’s new in 2024:
| ITEM | 2023 | 2024 |
|---|---|---|
| Cost of Living Increase | 8.70% | 3.20% |
| Quarter of Coverage | $1,640 | $1,730 |
| Maximum FICA Wages | $160,200 | $168,600 |
| Maximum Social Security Benefit | $3,627 | $3,822 |
| Average Social Security Benefit | $1,827 | $1,907 |
| SSI Federal Payment – Individual | $914 | $943 |
| SSI Federal Payment – Couple | $1,371 | $1,415 |
| Medicare Part A Premium | $0 | $0 |
| Between 20 – 40 quarters | $278 | $278 |
| Less than 30 quarters | $506 | $505 |
| Part A Hospital Co-Pays | ||
| Deductible | $1,600 | $1,632 |
| Copay for days 1 – 60 | $0 | $0 |
| Copay for days 61 – 90 | $400 | $408 |
| Lifetime Reserve | $800 | $816 |
| Beyond Reserve | All Costs | All Costs |
| Medicare Part B Premium | ||
| Individuals Income less than $97k | $164.90 | $174.70 |
| Couple Income less than $194k | $164.90 | $174.70 |
| Medicare Part B Deductible | $226 | $240 |
| Skilled Nursing Co-Pays | ||
| Days 1 – 20 | $0 | $0 |
| Days 21 – 100 | $200 | $204 |
| Days 101 + | All Costs | All Costs |
| Earning Guidelines | ||
| Substantial Gainful Activity (SGA) | $1,470 | $1,550 |
| Trial Work Period (TWP) | $1,050 | $1,110 |
| Retirement Earnings Exemption | $1,770 | $1,860 |
