Medicare premiums and deductibles in 2024 (Part A and B)
The Medicare insurance premiums, deductibles, and coinsurance rates for 2024 are:
Medicare Part A: Hospital insurance premium 2024
- 99% of Medicare beneficiaries do not pay a monthly Medicare Part A premium since they or their husband or wife have had sufficient Medicare-covered employment (at least 40 quarters of Medicare-covered employment)
- For those that are not eligible for premium-free hospital insurance, the Part A premium is either $278 or $505 per month (depending on how long you or your spouse paid Medicare taxes, for details see CMS)
Medicare Part B: Medical insurance premium 2024
The standard Part B premium for 2024 is $174.70 for beneficiaries who already have the Social Security Administration (SSA), withhold their Part B premium and have income of up to $97,000 (up to $194,000 for joint filers).
Medicare deductible and coinsurance rates 2024
Part A Deductible and Co-Insurance: (inpatient hospital, skilled nursing facility, and some home health care) For each benefit period Medicare pays all covered costs except the Medicare Part A deductible during the first 60 days and coinsurance amounts for hospital stays that last beyond 60 days and no more than 150 days.
For each benefit period you will have a deductible of $1,632, and you pay in 2024:
- $0 per day for a hospital stay of 1-60 days
- $408 per day for days 61-90 of a hospital stay
- $816 per day for days 91-150 of a hospital stay (Lifetime Reserve Days)
- All costs for each day beyond 150 days
Part B deductible 2024: (Medicare eligible physician services, outpatient hospital services, certain home health services, durable medical equipment)
- $240 per year (Note: You pay 20% of the Medicare-approved amount for services after you meet the deductible.)
Read more on the official Medicare.gov website.
