Dear Marci,
Â
I heard there are a few changes to Medicare costs this year. What should I expect?
-Marco (Chattanooga, TN) 
Â
Dear Marco,
Yes, that’s right! Here’s a breakdown of the costs you can expect in 2024: 
Part A (Hospital Insurance)
Â
*Â Â Â Â Â Â Â Â Â Â Premium:Â
Â
           *          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 
Â
*Â Â Â Â Â Â Â Â Â Â Deductible:
Â
           *          $1,632 each benefit period <https://medicarerights.us15.list-manage.com/track/click?u=1621f54a596f3717c22815356&id=208f3bfae7&e=a59b1c0272>  
Â
*Â Â Â Â Â Â Â Â Â Â Coinsurance:
Â
           *          $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.) 
Â
*Â Â Â Â Â Â Â Â Â Â Skilled Nursing Facility:Â
Â
           *          $0 for the first 20 days of inpatient care each benefit period  $204 per day for days 21-100 each benefit period 
Â
Â
Part B (Medical Insurance)
Â
*          Premium: $174.70 is the standard premium 
*          Deductible: $240 per year 
*          Coinsurance: 20% for most services Part B covers 
Â
Â
Part D (Prescription Drug Insurance)
Â
*Â Â Â Â Â Â Â Â Â Â National Average Part D Premium: $32.74/month
*Â Â Â Â Â Â Â Â Â Â Maximum Deductible: $545 per year
*Â Â Â Â Â Â Â Â Â Â Coverage Gap Begins: $5,030 (you and your plan together)
*Â Â Â Â Â Â Â Â Â Â Catastrophic Coverage Begins: $8,000 (your costs, including brand coverage gap discounts)
*Â Â Â Â Â Â Â Â Â Â Costs after catastrophic limit: $0
Â
Â
For more details, check out our Guide to Medicare Costs in 2024 here: Medicare Costs in 2024 <https://medicarerights.us15.list-manage.com/track/click?u=1621f54a596f3717c22815356&id=85b25a2465&e=a59b1c0272> .Â
Â
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.
Â
Â
I hope this helps!
Â
-Marci
Article Submitted by:
Stephanie Kirk, Owner & President, and Medicare Specialist
JC Madison Inc.
360-779-1082
18887 Highway 305, Suite 300, Poulsbo