2024 Medicare Premiums, Deductibles and Coinsurance Amounts
2024 Medicare Part A, Part B, and Part D cost sharing amounts were released. Below are the standard premiums, deductibles, and copayments that most Medicare beneficiaries have to pay.
Medicare Part A Cost Sharing
2024 Part A Deductible & Coinsurance Amounts by Type of Cost Sharing for Most Americans |
|
|
Premium if you worked at least 40 quarters of Medicare-covered employment, determined by the Social Security Administration |
$ 0 |
|
Inpatient hospital deductible |
$1,632 |
|
Daily hospital coinsurance for 61st-90th day |
$ 408 |
|
Daily hospital coinsurance for lifetime reserve days |
$ 816 |
|
Skilled nursing facility daily coinsurance (days 21-100) |
$ 204 |
If you are considered high income or do not qualify for premium-free Medicare, your costs will be higher. View the CMS fact sheet with the costs for higher income individuals.
What Medicare Part A Covers
Medicare Part A covers inpatient hospitals, skilled nursing facilities, hospice, inpatient rehabilitation, and some home health care services.
⊕ Download Medicare Basics to learn more about the different parts of Medicare and what they cover.
Medicare Part B Premium and Deductible
Full Part B Premium for Most Americans |
|||
| Beneficiaries who file individual tax returns with modified adjusted gross income: | Beneficiaries who file joint tax returns with modified adjusted gross income: | Total Monthly Premium Amount | Annual Deductible for all beneficiaries |
|
Less than or equal to $103,000 |
Less than or equal to $206,000 |
$174.70 |
$240 |
If your income is higher than that listed above, your Medicare Part B premium will cost you more.
What Medicare Part B Covers
Medicare Part B covers physicians’ services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A.
The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the annual deductible of $226 in 2023.
Part B Immunosuppressive Drug Coverage Only
Premiums for high-income beneficiaries with immunosuppressive drug only Part B coverage who are married and lived with their spouse at any time during the taxable year but file a separate return, are as follows:
| Part B Immunosuppressive Drug Coverage Only | ||
|
Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses with modified adjusted gross income: |
Income-Related Monthly Adjustment Amount |
Total Monthly Premium Amount |
|
Less than or equal to $103,000 |
$ 0.00 |
$103.00 |
|
Greater than $103,000 and less than $397,000 |
$377.70 |
$480.70 |
|
Greater than or equal to $397,000 |
$412.10 |
$515.10 |
Medicare Part D Income-Related Monthly Adjustment Amounts
Part D premiums vary by your income and the plan you select. Some Medicare beneficiaries have to pay an income-related adjustable amount in addition to the monthly premium cost. Most people do not have to pay this income-adjusted amount.
| Beneficiaries who file individual tax returns with modified adjusted gross income: | Beneficiaries who file joint tax returns with modified adjusted gross income: |
Income-related monthly adjustment amount |
|
Less than or equal to $103,000 |
Less than or equal to $206,000 |
$0.00 |
What Medicare Part D Covers
All plans must cover a wide range of prescription drugs that people with Medicare take, including most drugs in certain protected classes, like drugs to treat cancer or HIV/AIDS.
New Insulin Benefit
In 2024, a new insulin benefit takes effect. A 1-month supply of each Part D-covered insulin is capped at $35. You do not have to pay a deductible. If you get a 60- or 90-day supply of insulin, your costs can’t be more than $35 for each month’s supply of each covered insulin.
American Exchange can help you find the best plan for your needs
Need help finding the right Medicare plan? American Exchange is here for you. Our independent, licensed insurance benefits experts will listen to your needs, then compare available plans, prices, networks, formularies, and tiers. We will also let you know if you qualify for cost-saving programs. We do not work for an insurance company, so we compare all plans available in your area at no cost or obligation to you. Contact us today.
1.888.995.1674 americanexchange.com
View our Medicare webpage
Our Medicare experts are available to help you:
Monday through Friday from 8:00 a.m. to 5:00 p.m.
Free Medicare Resources
We publish a Medicare blog on the 4th Tuesday of every month, and more frequently during Medicare’s Annual Enrollment Period. Be sure to read our Medicare blog posts or flyers to better understand your coverage.
- 7 Reasons to Compare Medicare Plans this Year blog
- Medicare Covers Preventive Services to Keep You Healthy blog
- Medicare Covers Mental Health Services blog
- Medicare Part D Donut Hole Explained
- Confused by All the Medicare Coverage Options? blog
- Medicare Special Needs Plans Offer Targeted Benefits blog
- How the End of the COVID Health Emergencies Affects Your Medicare Coverage blog
- Delay Medicare Without Paying Penalties blog
- 3 Questions People Turning 65 Ask about Medicare blog
- Medicare Basics Flyer
- Health Insurance Terms Flyer
Medicare Disclaimer: We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
American Exchange is a licensed health insurance broker. Robert Huffaker, NPN 13568432
Photo courtesy of iStock
