2024 Medicare Costs Fact Sheet

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The 2024 Medicare costs document provides details on expenses associated with Medicare Part A, Part B, and Part D. For Medicare Part A (Hospital Insurance), most people don’t pay a monthly premium because they paid Medicare taxes while working. If a premium is required, individuals may incur a monthly cost. Hospital stays involve a deductible per benefit period, no charge for the first 60 days, a daily charge for days 61–90, and a higher daily charge for lifetime reserve days beyond 90 days, up to a maximum of 60 days over a lifetime. Skilled Nursing Facility stays are covered with no charge for the first 20 days, a daily charge for days 21–100, and full costs thereafter.

Medicare Part B (Medical Insurance) typically has a standard monthly premium, which may be higher based on income levels reported from two years prior. Premiums increase with higher income brackets, and there is a deductible before Original Medicare starts to pay. For Medicare Part D (prescription drug coverage), there is a national base beneficiary premium with additional income-related adjustments. Accessible formats and nondiscrimination information are also available for those who need them.

Medicare Part A (Hospital Insurance) Costs

• Part A Monthly Premium
• Original Medicare Hospital Stay, including
  • Part A Deductible
• Original Medicare Skilled Nursing Facility Stay

Medicare Part B (Medical Insurance) Costs

• Part B Monthly Premium, including 
  • Income-Related Monthly Adjustment Amount (IRMAA)
• Part B Deductible

Medicare Part D Monthly Premium

• Including Income-Related Monthly Adjustment Amount (IRMAA)
• 2024 Part D national base beneficiary premium