Navigating Medicare Cost Changes in 2024

Part A - Hospital Coverage

• Premium (Monthly): Free with qualifying work history, $505/month without.
• Deductible: $1,632 per benefit period.
• Coinsurance:
• Days 1-60: $0
• Days 61-90: $408/day
• Lifetime Reserve Days (after day 90): $816/day (up to 60 days over a lifetime)
• Beyond Lifetime Reserve Days: All costs

Part B - Medical Services

• Premium (Monthly): $174.70 (higher for high-income earners).
• Deductible: $240/year.
• Coinsurance: 20% of Medicare-approved amounts.

Part A - Hospital Coverage

• Deductible increases by $32, reaching $1,632.
• Coinsurance increases:
• Days 61-90: $408/day (up from $400).
• Beyond Day 90: $816/day (up from $800).
• Skilled nursing facility care: $204/day (up from $200) for days 21-100.

Part B - Medical Services

• Monthly premium increases by $9.80 to $174.70.
• Deductible rises by $14 to $240/year.
• High-income surcharges:
  • Individuals earning over $103,000 or couples over $206,000 pay premiums between $244.60 and $594.00/month.

Part D - Prescription Drug Coverage

• Average monthly premium: $55.50 (slight decrease from $56.49 in 2023).
• Beneficiaries pay 25% of drug costs after reaching $5,030 in combined spending.
• High-income surcharges range from $12.90 to $81.00.

Medigap

Covers gaps in Medicare (e.g., deductibles, copayments). Plans A–N are available through private insurers. Plans covering the Part B deductible (e.g., Plan F) are no longer available to new enrollees (post-2020).

Medicare Advantage (Part C)

Offers combined medical and drug coverage via private insurers. Average premium: $18.50/month (up from $17.86 in 2023). Lower premiums than Medigap but may have higher deductibles, copayments, and limited provider choices.