Medicare Part A
Most beneficiaries do not pay a Part A premium because they pay Medicare taxes while working. If beneficiaries do not qualify for premium-free Part A, they will have a monthly premium, either $278 or $505, depending on the length they worked, or their spouse worked and paid Medicare taxes. Part A deductibles and some co-insurance costs have increased in 2024. See the chart below for the 2024 Part A deductible, and co-insurance increases.
|Part A Inpatient Deductible
|Inpatient Coinsurance Days 61-90
|Skilled Nursing Facility Days 21-100
Medicare Part B
The Medicare Part B premium has increased for most beneficiaries to $174.70 in 2024. If a beneficiary’s modified adjusted gross income, as reported on IRS tax return from two years ago, is above a certain amount, he or she will pay the standard Part B premium along with an income-related monthly adjustment amount (IRMAA). Along with the premium increase for Part B, beneficiaries will also see an increase in the Part B deductible to $240 for 2024. To get the full IRMA chart go to, https://www.medicare.gov/basics/costs/medicare-costs and click on “Who Pays a higher Part B premium because of income?” Most beneficiaries will recognize their cost increases in a reduction to their Social Security check.
Medicare Advantage Part C and Medicare Drug Coverage Part D
Medicare Advantage Plans (MAPDs) and Medicare Prescription Drug Plans (PDPs) premiums vary from carrier to carrier. If your income is above a certain limit, beneficiaries will also have to pay an IRMAA in addition to their monthly premium. To get the full IRMAA chart go to https://www.medicare.gov/basics/costs/medicare-costs and click on “Who pays a higher Part D premium because of income?”
If you have questions, call Hovis & Associates at (800) 411-0737 or check out our Medicare FAQs page.