About Medicare
2024 Medicare Costs: Expect to See a Slight Increase
Have you been wondering what the cost-sharing amounts for Original Medicare will be for the year 2024? We are here to tell you that the numbers are finally in! As you may know, the Part B Premium and Deductible decreased in year 2023, but that will not be the case this upcoming year.
The Centers for Medicare and Medicaid Services (CMS) just announced the 2024 fees for Original Medicare, and these figures are calculated using provisions in the Social Security Act. Nonetheless, if you are enrolled in Medicare, you will experience a slight increase in most cost-sharing amounts for Part A and B services.
Here’s what to expect for 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 a month, depending on your situation.
The new inpatient hospital cost-sharing amounts for 2024 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 will be $174.70 per month in 2024, which is nearly a $10 increase from 2023. The Part B deductible will also increase to $240 next year.
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. Next 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 new costs so you are not surprised when the amounts change next year. As always, AMAC is here to keep you up to date with all things Medicare!
PS: The Annual Enrollment Period begins October 15th and ends December 7th. This is your time to ask a licensed AMAC Medicare Advisor the questions that matter to you the most and find coverage that meets your individual needs.
For help with Medicare plans – or any questions you may have about Medicare – contact AMAC’s Medicare Advisory Service at 1-855-696-7535 or click the button below for a call back.
