Medicare Costs for 2024

Medicare Costs for 2024 were announced on 10/12/2023 by the Centers for Medicare & Medicaid Services.

Part A - Hospital Coverage

Inpatient Hospital Stay

The benefit period ends 60 days after your release from care.

Part A Premium ...................................................................................................................................................................... $0

About 99 percent of Medicare beneficiaries do not have a Part A premium since they have at least 40 quarters of Medicare-covered employment, as determined by the Social Security Administration. Depending on work history, this could be as much as $505 a month.

Part A Deductible............................................................................................................................................................. $1,632

Part A Coinsurance - Days 1-60 ......................................................................................................................................... $0

Per day of each benefit period.

Part A Coinsurance - Days 61-90 ..................................................................................................................................... $408

Per day of each benefit period.

Part A Coinsurance - 60 Lifetime Reserve Days .............................................................................................................. $816

Per day after day 90 of each benefit period..

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A 3-day inpatient hospital stay is required first.

Part A Coinsurance - Days 1 - 20............................................................................................................................................. $0

Per day of each benefit period.

Part A Coinsurance - Days 21 - 200 ............................................................................................................................ $204

Per day of each benefit period.

Part B - Medical Coverage

Part B Premium ................................................................................................................................................ $174.70

Part B Deductible ................................................................................................................................................ $240

2024 Medicare Part B Costs

The standard premium for Medicare Part B in 2024 is set at $174.70.

It’s important to note that Medicare Part B pricing is determined based on your income from two years prior. Consequently, your 2024 Medicare Part B expenses will be calculated using your 2022 income tax filings. Any premium increase above the standard amount is referred to as IRMAA which stands for Income-Related Monthly Adjustment Amount

IRMAA represents an additional cost that some individuals may be required to pay in addition to their regular Medicare premium if their modified adjusted gross income (MAGI) surpasses a specific threshold. To ensure clarity, our chart below illustrates the total premium owed for your 2024 Medicare Part B expenses within each income bracket.

2024 Medicare Part B Costs

2024 Medicare Part D – Premium Costs

Your Part D insurance company sets base Part D premiums. The average premium for 2024 is $55.50. While this may seem high. There are carriers in 2024 offering plans for $0 monthly and most of Healthcare Marketplace For America clients pay less than $15 for their Part D plan.

The increased premium over the based amount is called IRMAA and stands for Income-Related Monthly Adjustment Amount. IRMAA is an additional amount that some people might have to pay along with their Medicare premium if their modified adjusted gross income (MAGI) is higher than a certain threshold. This can be viewed above with the Part B costs.

2024 Medicare Advantage & Medigap Pricing

The insurance companies dictate Medicare Advantage Plans and Medigap plan pricing. We go into this more in our
Medicare Advantage vs. Medigap article.