2024 Medicare Coverage Share Cost Updates

By Montgomery County SHIP

Montgomery County SHIP

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2024 Medicare Coverage Share Cost Updates

Original Medicare Part A Costs: 

Part A Premium:

$0/month if you’ve worked more than 10 years 

$278/month if you’ve worked between 7.5 and 10 years  

$505/month if you’ve worked fewer than 30 quarters (7.5 years) 

Hospital Deductible:

$1,632 each benefit period 

Hospital CoInsurance:

$0/day for days 1 – 60 once you’ve met your deductible 

$408/day for days 61 – 90 of each benefit period 

$816/day for days 91 – 150 (non-renewable lifetime reserve days) 

Skilled nursing facility coinsurance $0/day for days 1 – 20 each benefit period (after a minimum 3-day inpatient hospital stay)

$204/day for days 21 – 100 each benefit period 

Original Medicare Part B Costs: 

Part B premium* $174.70/month

Part B deductible $240/year

Part B coinsurance 20% for most services

* If your annual income is higher than $103,000 for an individual ($206,000 for a couple), you will pay a higher Part B premium. Visit www.medicare.gov for Part B costs by annual income. 

 Medicare Part D Costs:

Part D maximum deductible Up to $545/year

Part D coverage gap threshold, You reach the coverage gap, or donut hole, when you and your plan together have spent $5,030 on covered drugs since the start of the year

Part D catastrophic coverage limit, You get out of the donut hole and reach catastrophic coverage when you have spent $8,000 out of pocket* since the start of the year 

* The coverage phases will remain the same next year. However, your costs during the catastrophic coverage phase will change. In the past, you would owe 5% of the cost of your covered drugs once in the catastrophic coverage phase. In 2024, you will not owe anything for your Part D covered drugs once in the catastrophic coverage phase.

Source: SHIP TA Center