Medicare Part A is hospital insurance. It covers some of your costs when you are admitted for inpatient care at a hospital, skilled nursing facility and some other types of inpatient facilities.
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Part A can include a number of costs, including premiums, a deductible and coinsurance.
2024 Part A premiums
There are two important things to keep in mind about Part A premiums:
Most people qualify for premium-free Part A. To qualify for premium-free Part A, you or your spouse must have worked and paid Medicare taxes for the equivalent of 10 years (40 quarters). Those 40 quarters do not have to be consecutive.
If you pay a premium for Part A, your premium could be up to $505 per month in 2024. If you paid Medicare taxes for only 30-39 quarters, your 2024 Part A premium will be $278 per month. If you paid Medicare taxes for fewer than 30 quarters, your premium will be $505 per month.
2024 Part A deductible
If you are admitted to a hospital for inpatient treatment, Medicare Part A helps cover your hospital costs once you reach your Medicare Part A deductible. The Part A deductible is $1,632 per benefit period in 2024.
The Medicare Part A deductible is not annual — you could potentially need to meet this deductible more than once in a given year.
2024 Part A coinsurance
After you meet your Part A deductible, you may be required to pay Part A coinsurance for extended hospital stays.
For the first 60 days of your hospital stay, you aren’t required to pay Part A coinsurance.
But beginning on day 61 of your stay in 2024, you’re required to make a Medicare Part A coinsurance payment of $408 per day through day 90. After your 90th day in the hospital, you must pay $816 per day for up to 60 more days in 2024.
Those 60 “lifetime reserve days” do not reset annually. They can only be used once.
Beyond that, you are responsible for all costs.
Part A also requires coinsurance for hospice care and skilled nursing facility care.
Part A hospice care coinsurance or copayment Medicare Part A requires a copayment for prescription drugs used during hospice care. You might also be charged a 5 percent coinsurance for inpatient respite care costs.
Skilled nursing facility care coinsurance Medicare Part A requires a coinsurance payment of $204 per day in 2024 for inpatient skilled nursing facility stays longer than 20 days. You are responsible for all costs after day 101 of an inpatient skilled nursing facility stay.
Skilled nursing care is based on benefit periods like inpatient hospital stays.
The Part B late enrollment penalty is as much as 10 percent of the Part B premium for each 12-month period that you were eligible to enroll but did not.
For example, if you waited three years after your Initial Enrollment Period to sign up for Medicare Part B, your late enrollment penalty could be 30 percent of the Part B premium.
You will continue to owe this penalty for as long as you remain enrolled in Medicare Part B.
As mentioned above, the 2024 standard premium for Part B is $174.70 per month. If you owe the standard Medicare Part B premium but sign up for Part B a year after you were initially eligible, the late enrollment fee can add another $20.96 per month to your Part B premium.
Part B excess charges
If you receive services or items covered by Medicare Part B from a health care provider who does not accept Medicare assignment (meaning they do not accept Medicare as full payment), they reserve the right to charge you up to 15 percent more than the Medicare-approved amount.
These additional costs are called Medicare Part B excess charges, and they can potentially add up to thousands of dollars.
How much does Medicare Advantage Plans Cost Per Month?
According to plan data provided by the Centers for Medicare & Medicaid Services, the average monthly premium for 2024 Medicare Advantage plans is $13.24 per month.1
Medicare Part C, also known as Medicare Advantage, is sold by private insurance companies. Medicare Advantage offer the same benefits that are covered by Original Medicare, and Medicare Advantage plans can include more benefits that Original Medicare doesn’t cover.
Because Medicare Advantage plans are sold by private insurance companies, plan costs (such as coinsurance, copayments and deductibles) can vary based on location, carrier, benefits offered and more.
Depending on your income, you may be required to pay a higher Part D premium. As with Medicare Part B premiums, this adjusted amount is called the IRMAA (Income-related Monthly Adjustment Amount).
If you are required to pay a higher Part D premium, it will be based on your reported income from two years ago (2022).
Part D IRMAA Brackets 2024
2022 Individual tax return
2022 Joint tax return
2022 Married and separate tax return
2024 Part D premium
$103,000 or less
$206,000 or less
$103,000 or less
Your plan premium
More than $103,000 and up to $129,000
More than $206,000 and up to $258,000
Your plan premium + $12.90
More than $129,000 up to $161,000
More than $258,000 up to $322,000
Your plan premium + $33.30
More than $161,000 up to $193,000
More than $322,000 up to $386,000
Your plan premium + $53.80
More than $193,000 up to $500,000
More than $386,000 up to $750,000
More than $103,000 up to $397,000
Your plan premium + $74.20
More than or equal to $500,000
More than or equal to $750,000
More than or equal to $397,000
Your plan premium + $81.00
Medicare Part D deductible
Medicare Part D plans cannot have a deductible of more than $545 per year in 2024.
Some Medicare Part D plans have a $0 deductible.
Medicare Part D “donut hole” coverage gap costs
Medicare Part D prescription drug plans and some Medicare Advantage plans have what is known as a “donut hole” or “coverage gap,” which is a temporary limit on how much a Prescription Drug Plan will pay for prescription drug costs.
After you and your plan combine to spend at least $5,030 on covered drugs in 2024, you enter the Part D coverage gap.
In 2024, Part D beneficiaries pay no more than 25 percent of the cost of brand name and generic drugs during the coverage gap until reaching catastrophic coverage spending limit, which is $8,000, on covered drugs.
Starting in 2024, once you enter the catastrophic coverage phase, you don't pay any coinsurance or copay for covered drugs for the rest of the year.
* Plan F and Plan C are not available to Medicare beneficiaries who became eligible for Medicare on or after January 1, 2020. If you became eligible for Medicare before 2020,... you may still be able to enroll in Plan F or Plan C as long as they are available in your area.
1 Plans F and G offer high-deductible plans that each have an annual deductible of $2,800 in 2024. Once the annual deductible is met, the plan pays 100% of covered services for the rest of the year. The high-deductible Plan F is not available to new beneficiaries who became eligible for Medicare on or after January 1, 2020.
2 Plan K has an out-of-pocket yearly limit of $7,060 in 2024. After you pay the out-of-pocket yearly limit and yearly Part B deductible, it pays 100% of covered services for the rest of the calendar year.
3 Plan L has an out-of-pocket yearly limit of $3,530 in 2024. After you pay the out-of-pocket yearly limit and yearly Part B deductible, it pays 100% of covered services for the rest of the calendar year.
4 Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to $50 copayment for emergency room visits that don’t result in an inpatient admission.+ Read more
Read additional medicare costs guides to learn more about Medicare costs and how they will affect you.
Compare Medicare Advantage plan costs in your area
A licensed insurance agent can help you compare the Medicare Advantage plans that are available where you live. You can compare benefits, coverage and the costs of each plan and then choose the right fit for your needs.
Christian Worstell is a senior Medicare and health insurance writer with MedicareAdvantage.com. He is also a licensed health insurance agent. Christian is well-known in the insurance industry for the thousands of educational articles he’s written, helping Americans better understand their health insurance and Medicare coverage.
Christian’s work as a Medicare expert has appeared in several top-tier and trade news outlets including Forbes, MarketWatch, WebMD and Yahoo! Finance.
Christian has written hundreds of articles for MedicareAvantage.com that teach Medicare beneficiaries the best practices for navigating Medicare. His articles are read by thousands of older Americans each month. By better understanding their health care coverage, readers may hopefully learn how to limit their out-of-pocket Medicare spending and access quality medical care.
Christian’s passion for his role stems from his desire to make a difference in the senior community. He strongly believes that the more beneficiaries know about their Medicare coverage, the better their overall health and wellness is as a result.
A current resident of Raleigh, Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism.
If you’re a member of the media looking to connect with Christian, please don’t hesitate to email our public relations team at Mike@tzhealthmedia.com.
1 TZ Insurance Solutions analysis of data provided by the Centers for Medicare & Medicaid Services (CMS), including the 2024 MA Landscape Source Files as well as carrier-provided plan data provided by Sun Fire Inc.
3 Internal sales data provided by TZ Insurance Solutions LLC, 2023. This data is based on the Medicare Supplement Insurance policies TZ Insurance Solutions LLC has sold. It is not a comprehensive national average of all available Medicare Supplement Insurance plan premiums.
If your Medicare card is lost, stolen or damaged, you can get a replacement card from Social Security and the Railroad Retirement Board, or by calling Medicare or logging into your My Social Security online account. Read more
Medicare beneficiaries who are also eligible for Medicaid are considered dual eligible. If you are Medicare dual eligible, you may qualify for a Medicare D-SNP (Dual Special Needs Plan), which is a type of Medicare Advantage plan. D-SNP plans are not available in all states. Read more