2024 Medicare Plan Benefits
On October 12, 2023, the Centers for Medicare & Medicaid Services (CMS) released the 2024 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs and the 2024 Medicare Parts B & D income-related monthly adjustment amounts.
Medicare Part A Premium and Deductible
Medicare Part A covers inpatient hospitalization, skilled nursing facilities, hospice, inpatient rehabilitation, and home health care services. About 99 percent of Medicare beneficiaries do not have a Part A premium since they have contributed at least 40 quarters of Social Security Tax, as determined by the Social Security Administration. Enrollees age 65 and older who have fewer than 40 quarters and certain persons with disabilities pay a monthly premium to enroll in Medicare Part A voluntarily. Individuals with at least 30 quarters of coverage or were married to someone with at least 30 quarters of coverage may buy into Part A at a reduced monthly premium rate, which will be $278 in 2024, the same amount as 2023. Certain uninsured aged individuals who have less than 30 quarters of coverage and specific individuals with disabilities who have exhausted other entitlement will pay the entire premium, which will be $505 a month in 2024, a $1 decrease from 2023.
The Medicare Part A inpatient hospital deductible will be $1,632 in 2024, an increase of $32 from $1,600 in 2023. The Part A inpatient hospital deductible covers beneficiaries’ share of costs for the first 60 days of Medicare-covered inpatient hospital care in a benefit period. In 2024, beneficiaries must pay a coinsurance amount of $408 per day for the 61st through 90th day of a hospitalization ($400 in 2023) in a benefit period and $816 per day for use of the 60 lifetime reserve days ($800 in 2023). For beneficiaries in skilled nursing facilities, the daily coinsurance for days 21 through 100 of extended care services in a benefit period will be $204.00 in 2024 ($200.00 in 2023).
Part A Deductible and Coinsurance Amounts for Calendar Years 2023 and 2024
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| 2023 | 2024 | |
| Inpatient hospital deductible | $1,600 | $1,632 |
| Daily hospital coinsurance for the 61st-90th day | $400 | $408 |
| Daily hospital coinsurance for lifetime reserve days | $800 | $816 |
| Skilled nursing facility daily coinsurance (days 21-100) | $200.00 | $204.00 |
Medicare Part B Premium and Deductible
Medicare Part B covers physicians’ services, outpatient hospital services, certain home health services, durable medical equipment, and other medical and health services not covered by Medicare Part A.
Each year, the Medicare Part B premium, deductible, and coinsurance rates are determined according to provisions of the Social Security Act. The standard monthly premium for Medicare Part B enrollees will be $174.70 for 2024, an increase of $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the annual deductible of $226 in 2023.
The 2024 Part B standard premium and deductible increase is due to projected increases in healthcare spending and, to a lesser degree, the remedy for the 340B-acquired drug payment policy for the 2018-2022 period under the Hospital Outpatient Prospective Payment System.
Beginning in 2023, individuals whose full Medicare coverage ended 36 months after a kidney transplant and who do not have certain types of other insurance coverage can elect to continue Part B coverage of immunosuppressive drugs by paying a premium. For 2024, the standard immunosuppressive drug premium is $103.00.
Medicare Part B Income-Related Monthly Adjustment Amounts
Since 2007, a beneficiary’s Part B monthly premium has been based on his or her income. These income-related monthly adjustment amounts affect roughly 8 percent of people with Medicare Part B. The 2024 Part B total premiums for high-income beneficiaries with full Part B coverage are shown in the following table:
Full Part B Coverage |
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| Beneficiaries who file individual tax returns with 2022 modified adjusted gross income: | Beneficiaries who file joint tax returns with 2022 modified adjusted gross income: | Income-Related Monthly Adjustment Amount | Total Monthly Premium Amount |
| Less than or equal to $103,000 | Less than or equal to $206,000 | $0.00 | $174.70 |
| Greater than $103,000 and less than or equal to $129,000 | Greater than $206,000 and less than or equal to $258,000 | $69.90 | $244.60 |
| Greater than $129,000 and less than or equal to $161,000 | Greater than $258,000 and less than or equal to $322,000 | $174.70 | $349.40 |
| Greater than $161,000 and less than or equal to $193,000 | Greater than $322,000 and less than or equal to $386,000 | $279.50 | $454.20 |
| Greater than $193,000 and less than $500,000 | Greater than $386,000 and less than $750,000 | $384.30 | $559.00 |
| Greater than or equal to $500,000 | Greater than or equal to $750,000 | $419.30 | $594.00 |
For more information on the 2024 Medicare Parts A and B premiums and deductibles, visit www.medicare.gov.
Medicare Part D Income-Related Monthly Adjustment Amounts
Since 2011, a beneficiary’s Part D monthly premium has been based on the Part D plan selection along with his or her income. These income-related monthly adjustment amounts affect roughly 8 percent of people with Medicare Part D. These individuals will pay the income-related monthly adjustment amount in addition to their Part D premium. Part D premiums vary by plan, and regardless of how a beneficiary pays their Part D premium, the Part D income-related monthly adjustment amounts are deducted from Social Security benefit checks or paid directly to the Social Security Administration. The 2024 Part D income-related monthly adjustment amounts for high-income beneficiaries are shown in the following table:
| Beneficiaries who file individual tax returns with 2022 modified adjusted gross income: | Beneficiaries who file joint tax returns with 2022 modified adjusted gross income: | Income-related monthly adjustment amount |
| Less than or equal to $103,000 | Less than or equal to $206,000 | $0.00 |
| Greater than $103,000 and less than or equal to $129,000 | Greater than $206,000 and less than or equal to $258,000 | $12.90 |
| Greater than $129,000 and less than or equal to $161,000 | Greater than $258,000 and less than or equal to $322,000 | $33.30 |
| Greater than $161,000 and less than or equal to $193,000 | Greater than $322,000 and less than or equal to $386,000 | $53.80 |
| Greater than $193,000 and less than $500,000 | Greater than $386,000 and less than $750,000 | $74.20 |
| Greater than or equal to $500,000 | Greater than or equal to $750,000 | $81.00 |
Need Help Covering the Costs of Medicare?
The Medicare Savings Programs (MSPs) help more than 10 million people with coverage of Medicare premiums and, in most cases, other cost sharing. Through CMS’s continued efforts to improve access to health care and lower costs for millions of Americans, the Department of Health and Human Services (HHS) recently finalized a rule to streamline enrollment in MSPs, making coverage more affordable for an estimated 860,000 people. In addition, the Part D low‑income subsidy (LIS) helps pay for the Part D premium and lowers the cost of prescription drugs. Additionally, the Inflation Reduction Act recently expanded the number of people eligible for full LIS. To find out more information or determine if you qualify for an MSP or LIS, contact your local Social Security Administration Office.
If you have questions about how this affects your benefits, please contact your licensed agent or contact us to connect with an agent in your area. 317.343.3215 or medicare@shepherdins.com
We do not offer every plan available in your area. Currently, we represent 9 organizations that offer 63 products in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program (SHIP) to get information on all of your options.
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Source: medicare.gov
