Medicare: How much will premiums and deductibles for Parts A, B and D cost in 2024?
The Center for Medicare and Medicaid has released the premiums and deductibles for parts A, B and D cost for 2024.
The Medicare premiums and deductibles for parts A, B, C, and D for 2024 have been released by the Center for Medicare and Medicaid (CMM).
Medicare Part A
Medicare Part A, which, according to CMM, “covers inpatient hospital care, skilled nursing facilities, hospice, lab tests, surgery, and home health care,” and does not require members to pay a premium.
The deductibles, on the other hand, will increase on average by $32 for members:
Premium Part A Deductibles
- Inpatient hospital deductible: $1,632
- Daily hospital coinsurance for 61st-90th day: $408
- Daily hospital coinsurance for lifetime reserve days: $816
- Skilled nursing facility daily coinsurance (days 21-100): $204
Medicare Part B
Recipients must be: Aged 65 or older; or disabled; or suffering from End-Stage Renal Disease (ESRD)
For outpatient coverage, meaning services administered outside of the hospital, Part B will cover most of the expenses. Home visits from a medical professional, testing services, and some equipment costs can be covered, as can the use of an ambulance in emergencies.
Part B Premiums and Deductible
- Part B Premium: $174.70 (+$9.80)
- Part B Deductables: $240 (+$14)
Medicare Part C
Medicare Part C, also known as Medicare Advantage (MA), is provided by certain Medicare-approved private companies and expands on the coverage included in Parts A and B. It includes some additional prescription drugs, as well as dental, vision, and many other benefits.
The prices of these plans depend on where one lives and the amount of insurance companies operating in those areas. According to the CMM, the average Medicare Advantage Plan will rise in cost from $17.86 in 2023 to $18.50 in 2024.
Medicare Part D
Recipients must be: Eligible to enroll in Medicare Parts A and B; in receipt of Social Security disability payments for at least two years, or aged below 20 with an ESRD diagnosis and at least one parent eligible to receive Social Security payments.
For those who opt into a Plan D plan, prices are only expected to increase 1.8 percent from $17.86 to $18.50 next year. The CMM also noted that the “stable premiums for Medicare Part D prescription drug coverage in 2024 are accompanied by improvements to the Part D program made by the Inflation Reduction Act that allows people with Medicare to benefit from reduced costs in 2024.”