Do you know what Medicare costs this year? If not, don’t worry, we have the figures for you! As you may know, the Part B premium and deductible decreased last year, but that will not be the case in the year 2024.

Every fall, the Centers for Medicare and Medicaid Services (CMS) announces updated Original Medicare fees for the upcoming year. These figures are calculated by reviewing past spending trends and using provisions in the Social Security Act.

Here’s what to expect in the year 2024:

Medicare Part A is still premium-free for most people. In fact, about 99% of the Medicare population qualifies for Premium-Free Part A. If you must purchase Part A, your premium for 2024 will be either $278 or $505 each month, depending on your situation.

Inpatient hospital cost-sharing amounts are as follows:

• Inpatient hospital deductible per benefit period                          $1,632
• Daily coinsurance for days 61-90                                                  $408
• Daily coinsurance for lifetime reserve days                                   $816
• Skilled Nursing Facility coinsurance for days 21-100                    $204

The standard Part B premium is $174.70 per month in 2024, which is nearly a $10 increase from 2023. The Part B deductible has also increased to $240.

In year 2023, you could choose to continue Part B coverage of immunosuppressive drugs by paying a standard monthly premium of $97.10 if you were not insured otherwise following a kidney transplant. This year the standard premium will increase to $103 per month for this coverage, but your premium could be higher if your income is above a certain level.

Be sure to make yourself familiar with these costs if you haven’t already. As always, AMAC is here to keep you up to date with all things Medicare.

For help with Medicare plans – or any questions you may have about Medicare – contact AMAC’s Medicare Advisory Service at 1-855-611-4856 or request a quote below!

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