2024 Medicare Costs
Medicare Part B Premium will be $174.70 in 2024
Medicare Part B covers doctors and specialist visits, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A.
Each year, the Medicare Part B premium, deductible, and coinsurance rates are determined according to provisions of the Social Security Act. The standard monthly premium for Medicare Part B enrollees will be $174.70 for 2024, an increase of $9.80 from $164.90 in 2023. 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.
Since 2007, some people who make more money may have to pay more for their Medicare coverage. This is called an income-related adjustment amount (IRMAA). These income-related monthly adjustment amounts affect roughly 8 percent of people with Medicare Part B. The 2024 Part B total premiums for high-income beneficiaries with full Part B coverage are shown in the following table:
|Full Part B Coverage|
|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||Total Monthly Premium Amount|
|Less than or equal to $103,000||Less than or equal to $206,000||$0.00||$174.70|
|Greater than $103,000 and less than or equal to $129,000||Greater than $206,000 and less than or equal to $258,000||$69.90||$244.60|
|Greater than $129,000 and less than or equal to $161,000||Greater than $258,000 and less than or equal to $322,000||$174.70||$349.40|
|Greater than $161,000 and less than or equal to $193,000||Greater than $322,000 and less than or equal to $386,000||$279.50||$454.20|
|Greater than $193,000 and less than $500,000||Greater than $386,000 and less than $750,000||$384.30||$559.00|
|Greater than or equal to $500,000||Greater than or equal to $750,000||$419.30||$594.00|
Medicare Part D Income-Related Monthly Adjustment Amounts
Since 2011, a beneficiary’s Part D monthly premium has been based on his or her income. These income-related monthly adjustment amounts affect roughly 8 percent of people with Medicare Part D. These individuals will pay the income-related monthly adjustment amount in addition to their Part D premium. Part D premiums vary by plan and regardless of how a beneficiary pays their Part D premium, the Part D income-related monthly adjustment amounts are deducted from Social Security benefit checks or paid directly to Medicare. The 2024 Part D income-related monthly adjustment amounts for high-income beneficiaries are shown in the following table:
|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|
|Greater than $103,000 and less than or equal to $129,000||Greater than $206,000 and less than or equal to $258,000||$12.90|
|Greater than $129,000 and less than or equal to $161,000||Greater than $258,000 and less than or equal to $322,000||$33.30|
|Greater than $161,000 and less than or equal to $193,000||Greater than $322,000 and less than or equal to $386,000||$53.80|
|Greater than $193,000 and less than $500,000||Greater than $386,000 and less than $750,000||$74.20|
|Greater than or equal to $500,000||Greater than or equal to $750,000||$81.00|
Premiums for high-income beneficiaries who are married and lived with their spouse at any time during the taxable year but file a separate return, are as follows:
|Beneficiaries who are married and lived with their spouses at any time during the year, but file separate tax returns from their spouses with modified adjusted gross income:||Income-related monthly adjustment amount|
|Less than or equal to $103,000||$0.00|
|Greater than $103,000 and less than $397,000||$74.20|
|Greater than or equal to $397,000||$81.00|
Medicare Part A Premium and Deductible
Medicare Part A covers inpatient hospitals, skilled nursing facilities, hospice, inpatient rehabilitation, and some home health care services. 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.
Most people have insurance plans to over the Part A deductibles and cost shares listed below. If you have questions about what you will have to pay in 2024 call the member services number on the back of your insurance card or schedule a call with a local agent using the blue button at the bottom of th page.
The Medicare Part A inpatient hospital deductible that beneficiaries pay if admitted to the hospital will be $1,632 in 2024, an increase of $32 from $1,600 in 2023. The Part A inpatient hospital deductible covers beneficiaries’ share of costs for the first 60 days of Medicare-covered inpatient hospital care in a benefit period. In 2024, beneficiaries must pay a coinsurance amount of $408 per day for the 61st through 90th day of a hospitalization ($400 in 2023) in a benefit period and $816 per day for lifetime reserve days ($800 in 2023). For beneficiaries in skilled nursing facilities, the daily coinsurance for days 21 through 100 of extended care services in a benefit period will be $204.00 in 2024 ($200.00 in 2023).
|Part A Deductible and Coinsurance Amounts for Calendar Years 2023 and 2024|
by Type of Cost Sharing
|Inpatient hospital deductible||$1,600||$1,632|
|Daily hospital coinsurance for 61st-90th day||$400||$408|
|Daily hospital coinsurance for lifetime reserve days||$800||$816|
|Skilled nursing facility daily coinsurance (days 21-100)||$200.00||$204.00|
Enrollees age 65 and older who have fewer than 40 quarters of coverage and certain persons with disabilities pay a monthly premium in order to voluntarily enroll in Medicare Part A. Individuals who had at least 30 quarters of coverage or were married to someone with at least 30 quarters of coverage may buy into Part A at a reduced monthly premium rate, which will be $278 in 2024, the same amount as 2023. Certain uninsured aged individuals who have less than 30 quarters of coverage and certain individuals with disabilities who have exhausted other entitlement will pay the full premium, which will be $505 a month in 2024, a $1 decrease from 2023.
For more information on the 2024 Medicare Parts A and B premiums and deductibles (CMS-8083-N, CMS-8084-N, CMS-8085-N), please visit https://www.federalregister.gov/public-inspection.
Exploring Financial Assistance Options
If you’re worried about the costs of Medicare going up, there are programs that can help. These programs give financial assistance to families who need it. They can help you with the extra costs of Medicare. You can read more about these programs here: https://www.mainemedicareoptions.com/qmb/
Seeking Expert Guidance
This is where I come in! Understanding changes in Medicare can be a little confusing, but there are people like me who can help you. As someone who knows a lot about Medicare, I can explain things in a way that makes sense and help you understand what you need to know so you can plan for the changes coming in 2024 and 2025.
In 2025, there will be some additional changes to the Medicare program. By learning about these changes and talking to an expert, you can be prepared and understand what it means for you and your family. Remember, there are programs that can help with the costs, and experts who can explain things better. By being informed and planning ahead, you can make sure you have the healthcare you need when the changes come in 2024 and 2025.
And best of all…
there is no charge for any help that I provide. I am paid by the insurance companies in the form of a commission when you enroll in a plan. You will not pay anything to talk with me or get answers to your questions and you will pay the same price for your insurance that everyone pays whether they had my help or not. I will next pressure you or suggest you change our insurance, my goal is be to helpful and if after we talk you think you have the best plan for your current needs then I will have done my job and achieved my goal. And you’ll still have someone in your corner to help you throughout the year should you have trouble using your insurance or need help with a complex situation.