The Centers for Medicare & Medicaid Services (CMS) released the Medicare costs for 2024. Find out more about what Medicare costs for you in the new year.
Medicare Part A Costs 2024
Medicare Part A is designed to help cover the costs of such things as inpatient hospital care and skilled nursing facility care. So lets take a look at what Medicare Part A costs in 2024.
- Medicare Part A Deductible will rise to $1632 which is an increase of $32
- Medicare Part A coinsurance for inpatient hospital stays that last more than 60 days will have a daily co-payment amount of $408 beginning on day 61 thru day 90 which is an increase of $8 per day.
- Medicare Part A coinsurance for inpatient hospital stays that last more than 90 days will have a daily co-payment amount of $816 beginning on day 91 thru day 150 which is an increase of $16 per day.
- Skilled Nursing Facility daily coinsurance will be $204 per day beginning on day 21 thru day 100. The daily co-payment is an increase of $4 per day.
The Medicare Part A premium has risen as well. Keep in mind that the majority of American retirees do not pay a Part A premium since they have worked at least 40 quarters of Medicare covered employment. For those who did not work enough quarters for premium-free Part A, their costs are as follows:
|Quarters Paid In||2024 Monthly Premium|
|40+ (10 years)||$0.00|
Common Part A Questions
- Is the Medicare Part A deductible an annual deductible? No, the Part A deductible can be charged more than once per year. You will be responsible for the Part A deductible for each benefit period (per occurrence) of inpatient hospital care. The benefit period restarts after you have not received any inpatient hospital care for at least 60 days in a row.
- Is there a limit as to how benefit periods a person can have in one year? No.
- Are there benefit periods for Skilled Nursing Facility (SNF)? Yes, a benefit period begins the day you are admitted as an inpatient and ends after you have not received any skilled care in a SNF for at least 60 days in a row.
- Want to view more commonly asked questions about Medicare Part A? Click here.
Medicare Part B Costs 2024
Medicare Part B is designed to help cover medical costs such as doctors, surgeons, outpatient surgery some prescription drugs, and so much more. So lets take a look at what Medicare Part B costs in 2024.
- Medicare Part B deductible will rise to $240 which is an increase of $14
- Medicare Part B coinsurance will remain at 20%
The Medicare Part B premium has risen as well. For those individuals who are not classified as high income earners, the Medicare Part B premium will rise to $170.70 per month which is an increase of $5.80 per month.
If you are classified as a high income earner you will pay a Medicare Income-Related Monthly Adjustment Amount (IRMAA). It is important to keep in mind that this classification is based off of your IRS tax return from 2 years ago (which may be unknown to many that are new to Medicare). The additional premium you would pay each month for Medicare Part B in 2024 based on your yearly income in 2022 would be as follows:
|File Individual Tax Return||File Joint Tax Return||File Married & Separate Tax Return||You Pay Each Month in 2024|
|$103,000 or less||$206,000 or less||$103,000 or less||$174.70|
|above $103,000 up to $129,000||above $206,000 up to $258,000||Not applicable||$244.60|
|above 129,000 up to $161,000||above $258,000 up to $322,000||Not applicable||$349.40|
|above $161,000 up to $193,000||above $322,000 up to $386,000||Not applicable||$454.20|
|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|
|$500,000 or above||$750,000 or above||$397,000 or above||$594.00|
Common Part B Questions
- Is the Medicare Part B deductible an annual deductible? Yes.
- What are Medicare approved amounts? This is the payment amount that original Medicare sets for a specific covered service or item.
- If I am classified as a high income earner due to my tax returns but I don’t make that much income anymore, can I file an appeal? If you had a life changing event such as death of a spouse, marriage, divorce or annulment, work reduction, work stoppage, loss of income from producing property, loss or reduction of certain kinds of pension income then you can file an appeal. Other situations that would warrant an appeal would be such things as there being an error in the IRS data, the IRS provided older data and you have newer information available that shows lower income, or you filed an amended tax return for the year that the Social Security Administration (SSA) is using to make their classification of you being a higher income earner.
The overall increases released for 2024 are not the worst we have seen, but still will affect the net income a retiree will have each month. The Medicare Part B monthly cost for 2024 will be about 3.5% higher which will basically mirror the 2024 Social Security increase for 2024 of 3.2%. Call us at (800)924-4727 to check if you can reduce your current Medicare Supplement plan premium or to explore if a Medicare Advantage plan suits you better. One of our knowledgeable advisors will assist you. Prefer to have us call you, then simply click on the box below and provide us with your contact information.