Dear Marci,
I heard there are a few changes to Medicare costs this year. What should I expect?
-Marco (Chattanooga, TN)
Dear Marco,
Yes, that’s right! Here’s a breakdown of the costs you can expect in 2024:
Part A (Hospital Insurance)
Premium:
Free if you’ve worked 10 years or more
$278 per month if you’ve worked 7.5 to 10 years
$505 per month if you’ve worked fewer than 7.5 years
Deductible:
$1,632 each benefit period
Coinsurance:
$0 for the first 60 days of inpatient care each benefit period
$408 per day for days 61-90 each benefit period
$816 per lifetime reserve day after day 90 in a benefit period (You have 60 lifetime reserve days that can only be used once. They’re not renewable.)
Skilled Nursing Facility:
$0 for the first 20 days of inpatient care each benefit period $204 per day for days 21-100 each benefit period
Part B (Medical Insurance)
Premium: $174.70 is the standard premium
Deductible: $240 per year
Coinsurance: 20% for most services Part B covers
Part D (Prescription Drug Insurance)
National Average Part D Premium: $32.74/month
Maximum Deductible: $545 per year
Coverage Gap Begins: $5,030 (you and your plan together)
Catastrophic Coverage Begins: $8,000 (your costs, including brand coverage gap discounts)
Costs after catastrophic limit: $0
For more details, check out our Guide to Medicare Costs in 2024 here: Medicare Costs in 2024.
You can also review your Medicare & You 2024 handbook (contact 1-800-MEDICARE (633-4227) to receive one) if you have Original Medicare. If you have a Medicare Advantage Plan, contact your plan directly to learn about changes in 2024 that might affect you.
I hope this helps!
-Marci