Medicare Costs Are Increasing in 2024
Nov 13, 2023
Premiums, deductibles, and coinsurance amounts for Original Medicare generally change every year. Here’s a look at some of the costs that will apply in 2024.
Medicare Part A (Hospital Insurance) costs for 2024
- Premium for those who need to buy coverage: As much as $505 per month (down from $506 in 2023); however, most people don’t pay a premium for Medicare Part A
- Deductible for inpatient hospitalization: $1,632 per benefit period (up from $1,600 in 2023)
- Inpatient hospital coinsurance: $408 per day for days 61 through 90, and $816 per “lifetime reserve day” after day 90, up to a 60-day lifetime maximum (up from $400 and $800 in 2023)
- Skilled nursing facility coinsurance: $204 per day for days 21 through 100 for each benefit period (up from $200 in 2023)
Medicare Part B (Medical Insurance) costs for 2024
Monthly standard premium: Most people with Medicare who receive Social Security benefits will pay the standard monthly Part B premium of $174.70 in 2024, $9.80 higher than in 2023. This premium increase is mainly due to higher projected health-care spending.1
Premium for those with higher incomes: If your modified adjusted gross income (MAGI) as reported on your federal income tax return from two years ago (2022) is above a certain amount, you’ll pay the standard premium amount and an Income-Related Monthly Adjustment Amount (IRMAA), which is an extra charge added to your premium, as shown in the following chart.
| You filed an individual income tax return with MAGI that was: | You filed a joint income tax return with MAGI that was: | You filed an income tax return as married filing separately with MAGI that was: | Total monthly Part B premium in 2024 is: | *Total monthly premium in 2024 immunosuppressive drug coverage only is: |
| $103,000 or less | $206,000 or less | $103,000 or less | $174.70 | $103.00 |
| Above $103,000 up to $129,000 | Above $206,000 up to $258,000 | N/A | $244.60 | $171.70 |
| Above $129,000 up to $161,000 | Above $258,000 up to $322,000 | N/A | $349.40 | $274.70 |
| Above $161,000 up to $193,000 | Above $322,000 up to $386,000 | N/A | $454.20 | $377.70 |
| Above $193,000 and less than $500,000 | Above $386,000 and less than $750,000 | Above $103,000 and less than $397,000 | $559.00 | $480.70 |
| $500,000 and above | $750,000 and above | $397,000 and above | $594.00 | $515.10 |
*This premium applies to a benefit that extends coverage for immunosuppressive drugs for people whose full Medicare coverage ended 36 months after a kidney transplant and who do not have certain other types of health insurance.
People with higher incomes may also pay a higher premium for a Medicare Part D prescription drug plan, because an IRMAA will be added to the Part D basic premium based on the same income limits in the table above. Part D premiums vary, but the average basic monthly premium for 2024 is projected to be $34.50 (up from $32.09 in 2023). The average total premium for plans with enhanced coverage is projected to be $55.50 in 2024, down from $56.49 in 2023.
Annual deductible: People with Medicare Part B must also satisfy an annual deductible before Original Medicare starts to pay. For 2024, this deductible is $240 (up from $226 in 2023).
What about Medicare Part C premiums?
Medicare Part C (Medicare Advantage) costs vary by plan and some are premium-free, but the projected average premium for 2024 plans is $18.50 (up from $17.86 in 2023). If you have a Medicare Advantage plan, you will also have to pay the Medicare Part B premium.
You can get more information on Medicare benefits in the Medicare & You 2024 Handbook at medicare.gov.
Tags: financial advisor charlotte nc, Financial Planning, Health Care Needs, Health Care Savings
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