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What are the Medicare Costs for 2024?

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!



Article Submitted by:

Stephanie Kirk, Owner & President, and Medicare Specialist

JC Madison Inc.


18887 Highway 305, Suite 300, Poulsbo

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