Medicare costs at a glance

If you’re a Medicare recipient or you’re considering a Medicare plan, you may be wondering how the new 2024 Medicare costs compare to the previous year. HealthMarkets can help break down the differences for you. Let’s take a look at what you can expect.

Medicare Part B costs

When it comes to Medicare Part B, you are responsible for a premium and a deductible. In 2024…

• Your Part B premiums will be around $174.70.¹
• Your Part B deductible will be $240.¹
• Last year the Medicare Part B premium was $164.90, and the deductible was $226.

Medicare Part A costs

Most people do not pay a monthly Medicare Part A premium as part of their Medicare costs.

• However, depending on how long you or your spouse worked and paid Medicare taxes, you may pay $278 or $506 each month for Part A.¹

Here’s a few more things to know about Medicare Part A costs in 2024:¹

• Your hospital inpatient deductible is $1,632 for each benefit period.
• For the first 60 days in the hospital, your insurance co-pay is $0. But costs increase after 60 days.
• For days 61 to 90, daily coinsurance will be $408 per day during each benefit period.
• After 91 days, your coinsurance for each “lifetime reserve day” will be $816. This figure applies for up to 60 days over the course of your life, and you’ll still be responsible for all costs if you exceed your maximum number of lifetime reserve days.
• After 150 days, you’ll be responsible for all costs.

Looking for Medicare options? 

The best Medicare plan for you is dependent on your unique life situation. A licensed insurance agent in your area can help you review your Medicare options and find a plan with costs that are right for your needs and budget. You can also compare Medicare plans online or call (800) 827-9990 for more information.