In 2024 Original Medicare has expenses including monthly premiums for Part A (hospital) and Part B (doctor), along with deductibles, copays, coinsurance, and potential excess charges for medical services. Here we have updated the new Medicare fees for 2024.
Find out how much you’ll have to pay for Medicare in 2024.
2024 Medicare Part A Coinsurance and Deductible
Medicare Part A typically covers expenses at the hospital. While most people will not have to pay a monthly premium for Part A, those without supplemental insurance are still required to pay a portion of their medical costs in the form of coinsurance and deductibles. Here are the costs for 2024.
| Medicare Part A Premium/Deductible/Coinsurance 2023 vs 2024 | ||
|---|---|---|
| Medicare Part A Benefits | 2023 | 2024 |
| Inpatient hospital deductible | $1,600 | $1,632 |
| Hospital coinsurance per day cost for Days: 61st-90th | $400 per day | $408 per day |
| Hospital coinsurance per day for lifetime reserve days**** | $800 per day | $816 per day |
| Skilled Nursing Facility Days 21 – 100 | $200 per day | $204 per day |
****Medicare Part A lifetime reserve days max out at 60 days. When these days are used, you’ll pay 100% for each additional day in the hospital.
Medicare Part B Premium and Deductible 2024
The Medicare Part B Premium must be paid every month and is often deducted from your social security. The amount shown in this chart may be higher depending on your income:
| Medicare Part B Premium 2023 vs 2024 | ||
|---|---|---|
| 2023 | 2024 | |
| Part B Premium | $164.90 | $174.70 |
| Part B Deductible | $226 | $240 |
2024 Medicare Part A Premium
Most seniors aged 65 and older** who are eligible for Medicare won’t pay the Part A premium. You typically qualify for premium-free Part A if you or your spouse has worked and paid taxes for 10 years. If you enroll in Medicare before turning 65, you usually also receive premium-free Part A.
Those who haven’t satisfied the Part A work requirements will have to pay the Part A premium. See below for details:
| Worked*** and paid taxes for 40 quarters (10 years) | Worked*** and paid taxes 30 – 39 quarters | Worked*** and paid taxes less than 30 quarters |
|---|---|---|
| $0 | $278 | $505 |
**Medicare Part A is always premium-free for those who are under 65 and qualify for Medicare because of a disability.
***You and your spouse worked.
2024 Medicare Part B Premium cost for higher-income enrollees
Most Medicare beneficiaries on Medicare Part B will face a monthly fee of $174.70 in 2024. Yet, those in higher-income brackets will encounter a higher cost, known as the Income Related Monthly Adjustment Amounts or IRMAA. The IRMAA increases with the beneficiary’s modified adjusted gross income (MAGI) range.
Great news! The income limit for higher Medicare Part B premiums has increased significantly which may mean fewer people have to pay the additional IRMAA amount. The initial IRMAA bracket rose from $91,000 in 2022 to $103,000 in 2024.
2024 Medicare Part B and Part D Monthly Premiums
| Beneficiaries who file individual tax returns with income | Beneficiaries who file joint tax returns with income | Part B Monthly Premium | Part D Monthly Premium |
|---|---|---|---|
| Less than or equal to $103,000 | Less than or equal to $206,000 | $174.70 | Premium (varies) |
| $103,000 to $129,000 | $206,000 to $258,00 | $244.60 | Premium + $12.90 |
| $129,000 to $161,000 | $258,000 to $322,000 | $349.40 | Premium + $33.30 |
| $161,000 to $193,000 | $322,000 to $386,000 | $454.20 | Premium + $53.80 |
| $193,000 to $500,000 | $386,000 to $750,000 | $559.00 | Premium + $74.20 |
| Greater than or equal to $500,000 | Greater than or equal to $750,000 | $594.00 | Premium + $81.00 |
“New” Medicare Part B Immunosuppressive Drugs
Starting in 2023, if you were only on Medicare due to End Stage Renal Disease or you are 36 months post kidney transplant and you don’t have other health insurance, you can maintain Part B for Immunosuppressive drug coverage only for $103 per month (or more if your income is higher) and $240 deductible. To learn more, check out this Medicare PDF.
2024 Original Medicare costs covered by Medigap
Medical expenses, even when you are enrolled in Original Medicare (Part A and Part B), can become expensive if you face a serious illness. Additional insurance, like Medigap plans, can help cover these high costs by paying some or all of the listed coinsurance and deductible amounts listed above.
All Medigap plans also provide an extra 365 days for your lifetime hospital reserve. With different benefit coverage across Medigap plans, it’s crucial to compare and choose the plan that suits you. Many clients find Medigap Plan G to be a good fit by offering excellent coverage at a reasonable price.
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Next Steps for Medicare in 2024
After checking out the new costs and fees for Medicare in 2024, if you want a Medigap plan to protect yourself from high expenses during a serious illness, give Senior65.com a call at 800-930-7956. We’re here to assist you in every possible way.
There is NEVER a charge or hidden fee to work with us and no one can sell the same Medigap plan for less than Senior65.com can.