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: 
  • 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! 


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