Here's How Much Seniors Will Pay for Medicare in 2024

The annual Medicare open enrollment period runs until Dec. 7, so now is the time to explore your options to ensure you've got the best possible coverage for 2024. Price is obviously a major factor in the decision-making process, especially for those with chronic health problems. Below, we'll take a look at what you can expect to pay for original Medicare -- aka, Parts A and B -- in 2024.

Medicare Part A costs in 2024

Medicare Part A, also known as hospital insurance, covers inpatient stays at hospitals and skilled nursing facilities, as well as hospice and home healthcare. Most people don't pay a premium for Part A. If you qualify for Social Security benefits, you also qualify for premium-free Part A benefits.

Image source: Getty Images.

Those who don't qualify for premium-free Part A benefits are paying either $278 or $506 per month for this coverage in 2023, depending on how much they or their spouse paid in Medicare taxes throughout their career. In 2024, the higher tier premium will drop to $505 per month.

Part A also has a $1,600 deductible in 2023. You must pay for this out of pocket first before Medicare will pay anything toward your healthcare expenses. This deductible is rising to $1,632 per month in 2024.

And then there are copays. Here's how much you can expect to pay for common Part A-covered services next year:

• Inpatient hospital stays:
  • Days 1 to 60: $0 after paying your Part A deductible.
  • Days 61 to 90: $408 per day (up from $400 in 2023).
  • Days 91 to 150: $816 per day (up from $800 in 2023).
  • After day 150: You pay all costs.
• Skilled nursing facility stays: 
  • Days 1 to 20: $0 copay.
  • Days 21 to 100: $204 per day (up from $200 in 2023).
  • After day 101: You pay all costs.
• Home healthcare: 
  • $0 for covered home healthcare services.
  • Copay of 20% of the Medicare-approved amount for durable medical equipment (wheelchairs, hospital beds, etc.).
• Hospice care: 
  • $0 for covered hospice services.
  • Copay of up to 5% of the Medicare-approved cost for inpatient respite care.
  • Copay of up to $5 for each prescription drug for pain relief or symptom control.

Medicare Part B costs in 2024

Medicare Part B, also known as medical insurance, covers all regular doctor visits, outpatient care, home healthcare, durable medical equipment, and preventative services.

Most people pay a flat $164.90 premium for Part B in 2023. This will rise to $174.70 in 2024. However, some high earners could pay even more. If your modified adjusted gross income (MAGI) from two years prior -- 2022 for Medicare recipients in 2024 -- exceeded certain thresholds for your tax-filing status, your premium is outlined in the table below:

Source: Medicare.gov.

In addition to this, Medicare has an annual deductible. This is $226 in 2023, but it's climbing to $240 in 2024. 

Finally, Medicare has a 20% copay on covered services. This isn't changing in 2024. But you may find that your copays next year are higher if the cost of medical services in your area rises. 

Medicare Advantage and Part D costs in 2024

Medicare Advantage plans, also known as Part C plans, are an alternative to original Medicare. These plans cover all the same things as Part A and B, as well as extras like prescription drugs and dental or vision care. You could also purchase a standalone Part D plan if you'd like. These only cover prescription drugs.

Both Medicare Advantage and Part D plans are offered through private health insurers, and they set their own prices. The only way to know how much one of these will cost you in 2024 is to compare your options during the open enrollment period.

Medicare's website enables you to view all the Medicare Advantage and Part D plans you're eligible for, including their premiums, deductibles, copays, and coverage options. If you're seeking coverage for a specific prescription drug, you can also find out exactly how much you'd pay for it under each plan.

It will take some time to review all your plan options, but it will be time well spent. Cost and coverage options can change significantly each year, and your health needs can also change. Your 2023 plan may not provide the best coverage for you in 2024, and if you don't switch plans now, you'll have to wait another year to do so. So try to set aside some time in the next few weeks to look over your Medicare coverage and settle on a plan for next year.