2024 PART A PREMIUMS
Most people will not pay a Medicare Part A Premium. That doesn’t make it free. You or your spouse have already worked for it. Some people get Medicare before the age of 65. The situations in those cases initiate something called Premium Free Part A.
IF you did not pay enough into Medicare while you were working, you can expect to pay either $278 or $505 monthly in 2024. Note that you must sign up for Part B to buy Part A.
2024 MEDICARE PART A DEDUCTIBLES
The Inpatient Hospital Deductible in 2024 will be $1632 for each stay, which is plain English for each “benefit period.” That is up from $1,600 in 2023.
There’s no limit to the number of benefit periods you can have in a year. This means you may pay the deductible more than once in a year. Let’s discuss how that works. A benefit period starts when you are admitted as an inpatient. It officially ends when you haven’t gotten any inpatient hospital care for 60 days in a row.
Let’s say you are admitted into the hospital and released. If you wind up going back in within 60 days, you do not pay the deductible again. However, if you go back in after 60 days, you pay the deductible again.
If you have a supplement plan that I recommended to you, you have no deductible for any inpatient hospital admission. Yes, there are some plans that do not cover this or partially cover this. Be aware. Talk to me.
Medicare Advantage plans take the sting out of the full deductible when your hospital stay is short. Plans vary. Potential hospitalizations should be a careful consideration if you are a candidate for frequent admissions.
2024 MEDICARE PART B PREMIUMS
The standard Medicare Part B Premium in 2024 will be $174.70. Yes, that is in increase from $164.90.
If you have been blessed to make to make enough money to pay above the standard rate, you can expect to pay the amount shown in the charts below.
Note that there are three categories to consider:
- You file an individual tax return.
- You file a joint tax return.
- You are married but file a separate tax return.
The following charts are copied from Medicare.gov
(2024 Medicare Parts A & B Premiums and Deductibles | CMS)
2024 MEDICARE PART B DEDUCTIBLE
This one is simple. It is $240 which is a $7 increase from 2023.
Here is my disclaimer. I gather most of my information from Medicare.gov and to the best of my knowledge, as of 11/02/2023, it is accurate. Please use this information as a guideline and double check it yourself as I am only an average man at my best.