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Medicare Costs for 2024 were announced on 10/12/2023 by the Centers for Medicare & Medicaid Services.
Inpatient Hospital Stay
The benefit period ends 60 days after your release from care.
About 99 percent of Medicare beneficiaries do not have a Part A premium since they have at least 40 quarters of Medicare-covered employment, as determined by the Social Security Administration. Depending on work history, this could be as much as $505 a month.
Per day of each benefit period.
Per day of each benefit period.
Per day after day 90 of each benefit period.
Skilled Nursing Facility Stay
A 3-day inpatient hospital stay is required first.
Per day of each benefit period.
Per day of each benefit period.
The standard premium for Medicare Part B in 2024 is set at $174.70.
It’s important to note that Medicare Part B pricing is determined based on your income from two years prior. Consequently, your 2024 Medicare Part B expenses will be calculated using your 2022 income tax filings. Any premium increase above the standard amount is referred to as IRMAA, which stands for Income-Related Monthly Adjustment Amount.
IRMAA represents an additional cost that some individuals may be required to pay in addition to their regular Medicare premium if their modified adjusted gross income (MAGI) surpasses a specific threshold. To ensure clarity, our chart below illustrates the total premium owed for your 2024 Medicare Part B expenses within each income bracket.
| If your Annual Income in 2022 was | In 2024 You Pay | ||||
| Individual Tax Return | Joint Tax Return | Married & Separate Tax Return | Part B IRMAA | Total Part B Premium | Part D IRMAA |
| $103,000 or less | $206,000 or less | $103,000 or less | $0 | $174.70 | $0 |
| $103,001 to $129,000 | $206,001 to $258,000 | N/A | $69.60 | $244.60 | $12.90 |
| $129,001 to $161,000 | $258,001 to $322,000 | N/A | $174.70 | $349.40 | $33.30 |
| $161,001 to $193,000 | $322,001 to $386,000 | N/A | $279.50 | $454.20 | $53.80 |
| $193,001 to $499,999 | $386,001 to $749,999 | $103,001 to $397,000 | $384.30 | $559.00 | $74.20 |
| Above $500,000 | Above $750,000 | Above $397,000 | $419.30 | $594.00 | $81.00 |
| Initial Deductible | $545 |
| Initial Coverage Limit (ICL) | $5,030 |
| Out-of-Pocket Threshold (TrOOP) | $8,000 |
| Coverage Gap (Donut Hole) | Between $5,030 and $8,000 |
Your Part D insurance company sets base Part D premiums. The average premium for 2024 is $55.50. While this may seem high. There are carriers in 2024 offering plans for $0 monthly and most of iHealthBrokers clients pay less than $15 for their Part D plan.
The increased premium over the based amount is called IRMAA and stands for Income-Related Monthly Adjustment Amount. IRMAA is an additional amount that some people might have to pay along with their Medicare premium if their modified adjusted gross income (MAGI) is higher than a certain threshold. This can be viewed above with the Part B costs.
The insurance companies dictate Medicare Advantage Plans and Medigap plan pricing. We go into this more in our Medicare Advantage vs. Medigap article.
FOOTNOTES:
1. HDF and HDG are deductible versions of the F and G, respectively. If you choose one of these options, this means that you must pay for Medicare-covered costs up to the deductible amount of $2,490 (2022) before your Medigap plan pays anything.
2. Plan N pays 100% of the Part B coinsurance, except for a copayment of up to $20 for some office visits and up to $50 copayment for emergency room visits that don’t result in an inpatient admission.
3. Plan F, High Deductible Plan F (HDF) & Plan C are ONLY available to those who were considered Medicare-eligible prior to 2020.
4. Out-of-pocket limits for Plan K are $6,620 (2022) and $3,310 (2022).