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 costs2024 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 costs2024 rates
standard monthly premium$174.70
annual deductible$240
coinsurance20% 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

Was this helpful?
  • 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.