Medicare Part A and B premiums will rise for 2024, the Centers for Medicare and Medicaid Services announced last week.

Premiums for standard plans will increase by $9.80, roughly 6 percent, from $164.90 to $174.70, The Hill reported. Medicare Part B covers most doctor’s visits, lab tests, outpatient care, exams, medical supplies and preventative services.

Annual deductibles for Medicare Part B will go up from $226 to $240.

Officials said the increase is due mostly to “projected increases in health care spending.”

You can go here to see a complete cost breakdown.

Last year’s Medicare Part B premiums dropped by $5.20 per month while deductibles fell by $7 annually.

Despite this year’s increase, Mary Johnson, a Social Security policy analyst for advocacy group The Senior Citizens League, said the change wasn’t as large as feared.

“We are relieved to learn that the Medicare Part B increase in 2024 won’t be as high as we initially feared. The Senior Citizens League forecast that the Medicare Part B increase might rise as much as $5 per month higher than the Trustees estimated after CMS approved a pricey new Alzheimer’s drug, Leqembi,” Johnson said in a statement.

The increase in healthcare costs will eat into the cost-of-living adjustment Social Security recipients will receive next year. Social Security benefits will increase by 3.2% next year, raising the average monthly retirement benefit of $1,790 by about $57.

Part B premium payments are typically deducted directly from Social Security benefit checks.