The Centers for Medicare and Medicaid Services (CMS) announced 2024 Medicare beneficiary cost sharing in advance of the annual Medicare Open Enrollment, which began October 15 and continues through December 7. For Calendar Year 2024, Medicare beneficiaries’ Part A deductibles will increase $32 to $1,632 annually and Part B premiums will rise to $174.70 per month (for those who pay the full premium).  Those who opt to enroll in Medicare Advantage plans for CY2024 will see an average plan premium of $18.50 per month though 99% of Medicare beneficiaries will have access to a $0 premium plan option. CMS also set the maximum out of pocket costs for MA enrollees at $8,850 annually, which is roughly a $500 increase over 2023. Of note, however, is that many plans offer lower maximum out of pocket costs, which averaged around $5,000 in 2023 for enrollees receiving services from in-network providers.