Medicare plan options and costs are subject to change each year.
Facing a complex Medicare system with costs that change each year can feel overwhelming. Understanding these changes and knowing what to expect can help you prepare for changes in 2024.
Here are some simple explanations of what to expect for Medicare costs in 2024, as well as a few ways you can get help paying for your care.
The Centers for Medicare & Medicaid Services (CMS) announced that Medicare monthly premiums will increase slightly for :
- Part B monthly premiums
- Part B annual deductibles
- Part D average monthly basic premiums
In addition to adjusting the cost of Medicare premiums and deductibles, the Social Security Administration also increases benefits with the cost of living adjustment (COLA). In 2024, the COLA is 3.2 percent.
Use this simple Medicare tool to compare 2024 Medicare plans in your area.
Medicare Part A covers healthcare costs like inpatient hospital visits, skilled nursing facilities, and home healthcare, among other needs.
Here are the hospital and skilled nursing facility costs you need to know for 2024:
| Part A costs | 2024 rates |
|---|---|
| deductible per benefit period | $1,632 |
| hospital coinsurance days 1–60 | $0 |
| hospital coinsurance days 61–90 | $408 |
| hospital coinsurance day 91+ | $816 |
| skilled nursing facility coinsurance days 1–20 | $0 |
| skilled nursing facility coinsurance days 21–100 | $204 |
| skilled nursing facility coinsurance day 101+ | you pay all costs |
Medicare Part B works in tandem with Part A to ensure your healthcare is covered when it comes to durable medical equipment or outpatient care.
Here are the Medicare Part B costs for 2024:
| Part B costs | 2024 rates |
|---|---|
| standard monthly premium | $174.70 |
| annual deductible | $240 |
| coinsurance | 20% of Medicare-approved amount |
Medicare Advantage (Part C) plans are purchased through private health insurance providers, and so the adjustment to rates for 2024 will vary. Check with your Part C provider for updated 2024 premium rates.
The Centers for Medicare & Medicaid Services (CMS) estimates that the average monthly premium for Part C plans will increase from $17.86 in 2023 to $18.50 in 2024.
Medigap (Medicare supplement insurance) is a set of plans purchased through private providers that essentially cover costs not otherwise included in your other Medicare coverage. This means that the cost of Medigap plans will vary according to provider and state.
It’s important to note that Medigap plans C and F are not available for purchase by those who became eligible for Medicare on or after January 1, 2020.
Since the coverage is specific to your age, needs, location, and insurance provider, the price of a Medigap plan in 2024 will vary greatly. Each company determines individual premiums based on these factors. This is why it’s so important to compare plans and prices when choosing your Medigap provider.
Get help for your Medicare costs
- Manage your prescription drug costs by switching to a generic drug when possible.
- Apply for Extra Help, an assistance program for prescription drug coverage.
- Apply for co-pay relief or financial aid help from the Patient Advocate Foundation.
- Find out if you qualify for Medicaid, a joint federal and state program that helps pay for medical costs.
- Apply for Medicare Savings Programs like the Qualified Medicare Beneficiary (QMB) Program or the Specified Low-Income Medicare Beneficiary (SLMB) Program. These are state-level discount programs for people with Medicare who meet a certain income limit.
- Medicare costs are changing in 2024. What you pay will depend on which Medicare plans you choose.
- Medicare has several discount and assistance programs available to help reduce Medicare costs.
- Qualifying for these programs is based on several factors, including where you live, your income, if you have a disability, and the insurance provider you choose.
Medicare plan options and costs are subject to change each year.