Medicare 2024 Costs at a Glance
| 2024 Costs at a Glance | |
|---|---|
|
Part A premium |
Most people don't pay a monthly premium for Part A (sometimes called "premium-free Part A"). If you paid Medicare taxes less than 30 quarters, the standard Part A premium is $505 in 2024. If you paid Medicare taxes for 30-39 quarters, the standard Part A premium is $278 in 2024. |
|
Part A hospital and inpatient deductible |
You pay:
|
|
Part B premium |
Most people pay $174.70 each month (or higher depending on your income). |
|
Part B deductible and coinsurance |
$240. After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you're a hospital inpatient), outpatient therapy, and durable medical equipment. |
|
Part C premium |
Part C monthly premium varies by plan |
|
Part D premium |
The Part D monthly premium varies by plan (higher-income consumers may pay more) |
Medicare Part B Costs for 2024
How Part B Premiums and IRMAA is Calculated:
A beneficiary’s Part B monthly premium is based on his or her income.
- MAGI: Modified Adjusted Gross Income (MAGI) is based on your reported income two years prior. For example, your 2022 income determines your 2024 IRMAA.
- Notification: The Social Security Administration (SSA) will notify you if IRMAA applies to you.
- Appeal: If your income has decreased due to a life-changing event (e.g., retirement, divorce), you can appeal the IRMAA decision.
The table below outlines the total monthly premium you would pay, which includes both the standard Part B premium and the additional IRMAA amount.
| Beneficiaries who file individual tax returns with modified adjusted gross income: | Beneficiaries who file joint tax returns with modified adjusted gross income: | Income-Related Monthly Adjustment Amount | Total Monthly Premium Amount |
|---|---|---|---|
| Less than or equal to $103,000 | Less than or equal to $206,000 | $0.00 | $174.70 |
| Greater than $103,000 and less than or equal to $129,000 | Greater than $206,000 and less than or equal to $258,000 | $69.90 | $244.60 |
| Greater than $129,000 and less than or equal to $161,000 | Greater than $258,000 and less than or equal to $322,000 | $174.70 | $349.40 |
| Greater than $161,000 and less than or equal to $193,000 | Greater than $322,000 and less than or equal to $386,000 | $279.50 | $454.20 |
| Greater than $193,000 and less than $500,000 | Greater than $386,000 and less than $750,000 | $384.30 | $559.00 |
| Greater than or equal to $500,000 | Greater than or equal to $750,000 | $419.30 | $594.00 |
Premiums for high-income beneficiaries with full Part B coverage who are married and lived with their spouse at any time during the taxable year but file a separate return, are as follows:
Table - Full Part B Coverage
| Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses with modified adjusted gross income: | Income-Related Monthly Adjustment Amount | Total Monthly Premium Amount |
|---|---|---|
| Less than or equal to $103,000 | $0.00 | $174.70 |
| Greater than $103,000 and less than $397,000 | $384.30 | $559.00 |
| Greater than or equal to $397,000 | $419.30 | $594.00 |
Medicare Part D IRMAA Costs for 2024
How IRMAA Works for Part D:
A beneficiary’s Part B monthly premium is based on his or her income.
- MAGI: Modified Adjusted Gross Income (MAGI) is based on your reported income two years prior. For example, your 2022 income determines your 2024 IRMAA.
- Notification: The Social Security Administration (SSA) will notify you if IRMAA applies to you.
- Appeal: If your income has decreased due to a life-changing event (e.g., retirement, divorce), you can appeal the IRMAA decision.
The table below outlines the total monthly premium you would pay, which includes both the standard Part B premium and the additional IRMAA amount.
| Beneficiaries who file individual tax returns with modified adjusted gross income: | Beneficiaries who file joint tax returns with modified adjusted gross income: | Income-related monthly adjustment amount |
|---|---|---|
| Less than or equal to $103,000 | Less than or equal to $206,000 | $0.00 |
| Greater than $103,000 and less than or equal to $129,000 | Greater than $206,000 and less than or equal to $258,000 | $12.90 |
| Greater than $129,000 and less than or equal to $161,000 | Greater than $258,000 and less than or equal to $322,000 | $33.30 |
| Greater than $161,000 and less than or equal to $193,000 | Greater than $322,000 and less than or equal to $386,000 | $53.80 |
| Greater than $193,000 and less than $500,000 | Greater than $386,000 and less than $750,000 | $74.20 |
| Greater than or equal to $500,000 | Greater than or equal to $750,000 | $81.00 |
Table - Premiums for high-income beneficiaries who are married and lived with their spouse at any time during the taxable year but file a separate return, are as follows:
| Beneficiaries who are married and lived with their spouses at any time during the year, but file separate tax returns from their spouses with modified adjusted gross income: | Income-related monthly adjustment amount |
|---|---|
| Less than or equal to $103,000 | $0.00 |
| Greater than $103,000 and less than $397,000 | $74.20 |
| Greater than or equal to $397,000 | $81.00 |
This information comes from www.medicare.gov
By contacting the phone number on this website you will be directed to a licensed agent.
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- Medicare Simplified
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- Medicare: What you need to know
- Medicare 2024 costs at a glance
- Medicare 2025 Costs at a Glance
- What to Consider When Choosing or Changing My Coverage
- What to Do During Your First Year With Medicare
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- Five Things to Know About Your Medicare Card