In 2024, Medicare Part B premiums start at $174.70 per month, and the Part B deductible is $240. Find out if your Medicare costs went up for 2024.
The Centers for Medicare & Medicaid Services (CMS) announced 2024 Medicare changes in October 2023, to include changes in premiums and deductibles for Medicare Part A, Part B, Medicare health plans and Medicare prescription drug coverage.1
It's especially important during fall Medicare open enrollment to fully review your potential 2024 Medicare costs and plan accordingly.
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Medicare Part B costs increase in 2024
The costs of Medicare Part A and Part B (known together as Original Medicare) generally change every year, and usually they go up.
The standard Part B premium and the Part B deductible increased in 2024.
2024 Medicare Part B deductible
The Part B deductible for 2024 is $240 per year. This is compared to the $226 deductible in 2023.
2024 Medicare Part B premiums
The standard Medicare Part B premium is $174.70 per month in 2024. This is roughly a 17% from $164.90 per month in 2023. Higher-income earners may pay higher premiums for their Part B benefits through what's called the 2024 Part B IRMAA (income-related monthly adjustment amount).
Medicare Part A costs go up in 2024
While Medicare Part B becomes a little bit more affordable, 2024 Medicare Part A costs are set to go up.
2024 Medicare Part A deductible
The Medicare Part A is $1,632 per benefit period in 2024. This is up from $1,600 in 2023.
The Part A deductible is applied to each benefit period, which begins the day you are admitted for inpatient hospital or skilled nursing facility care and ends once you have gone 60 consecutive days without inpatient care.
This means you could potentially experience multiple benefit periods in a single year, and you'd need to meet the Part A deductible amount each time before your Part A benefits kick in.
Medicare Part A daily copayments for inpatient care also increased in 2024.
2024 Part A copayments for days 61-90 of an inpatient hospital stay are $408 per day (up from $400 per day in 2023).
Inpatient hospital stays that last longer than 90 days require you to use lifetime reserve days (you have 60 total to use in your lifetime). 2024 Part A copays for lifetime reserve days are $816 per day (up from $800 in 2023).
The 2024 Medicare Part A copay for inpatient stays at skilled nursing facilities is $204 per day for days 21-100. This is up from $200 2023.
2024 Medicare Part A premiums
The Part A premium (for those who must pay it) costs $278 to $505 per month in 2024, depending on your work history.
Most people don't pay a premium for Medicare Part A. The amount you pay for Medicare Part A depends on the number of years you’ve paid Medicare taxes.
Part A premiums are roughly the same as the 2023 range of $278 to $506.
According to data from the CMS, the average monthly premium for a Medicare Advantage (Medicare Part C) plan is $13.24 per month in 2024.2
Average 2024 Medicare Advantage maximum out-of-pocket limit (MOOP)
Meanwhile, the maximum out-of-pocket limit (MOOP) for Medicare Advantage plans will be $8,850 in 2024.3 This means after you spend $8,850 out of pocket on covered Medicare services, your plan will cover the costs of your covered care for the remainder of the year.
This annual Medicare spending limit is up from $8,300 in 2023. It's important to note, however, most Medicare Advantage plans have out-of-pocket limits that are lower than the established maximum. The average Medicare Advantage plan out-of-pocket limit for in-network care in 2024 is $5,513.99.2
2024 Medicare Part D changes to costs and benefits
Average 2024 Medicare Part D plan premium
The average premium for a Medicare Part D plan is $55.50 per month in 2024. This is up from the 2023 average of $31.50 per month.2
2024 Medicare Part D deductible
The maximum allowable deductible for 2024 Part D plans is $545, though some plans have deductibles that are lower than the maximum. The 2024 Part D deductible is up from $505 in 2022.
2024 Medicare Part D donut hole
After you and your Medicare drug plan spend $5,030 on covered drugs in 2024, you enter what's called the Medicare donut hole coverage gap. While you're in the gap, you pay no more than 25% of the cost for covered brand-name or generic drugs.
The 2024 Medicare Part D drug plan catastrophic coverage phase begins once you and your plan have combined to pay for $8,000 of covered drugs in the year. Once you spend this amount, your drug plan will cover your covered drugs for the rest of the year with no copay/coinsurance costs to you.
Medicare Advantage and Medicare Part D plan members will receive a letter in the mail each fall called an Annual Notice of Change. This letter details any changes to the plan and it’s important to review the notice each year so you can determine if you wish to remain in the plan or shop for a different plan during the Annual Enrollment Period (AEP), also called the fall Medicare open enrollment period.
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Medicare Supplement (Medigap) deductibles and out-of-pocket limits go up
2024 Medicare Supplement Deductibles
Medicare Supplement Insurance (Medigap) Plan F and Plan G have high-deductible versions in which beneficiaries pay a lower monthly premium in exchange for having a deductible. In 2024, the deductibles for high-deductible Plan F and Plan G are $2,800 per year. This is an increase from $2,700 in 2023.
2024 Medicare Supplement maximum out-of-pocket spending limit
Two Medigap plans contain an annual out-of-pocket limit, and those too increased in 2024.
The out-of-pocket maximum for Plan K is $7,060 in 2024 (up from from $6,940 in 2023)
The out-of-pocket maximum for Plan L is $3,530 in 2024 (up from $3,470 in 2023)
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.
2 Centers for Medicare & Medicaid Services. (Sep 26, 2023). Medicare Advantage and Medicare Prescription Drug Programs to Remain Stable in 2024. https://www.cms.gov/newsroom/press-releases/medicare-advantage-and-medicare-prescription-drug-programs-remain-stable-2024.
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