What are Medicare Changes in 2024?

What are Medicare Changes in 2019?

The post below describes 2024 Medicare changes for Premiums and Costs for Medicare Part A, Part B as well as for Part D.

Article Contents

Changes for Medicare Part A Cost in 2024 include:

Part A premium
- For individuals with 40 or more quarters of Medicare-covered employment: $0 per month ($0 in 2023)
- For individuals with 30-39 quarters of Medicare-covered employment: $278 per month ($278 in 2023)
- For individuals with less than 30 quarters of Medicare-covered employment: $505 per month ($506 in 2023)
Hospital Inpatient Stay
- Deductible for days 1-60 of each benefit period: $1,632 (1,600 in 2023)
- Copayment per day for days 1-60: $0 ($0 in 2023)
- Copayment per day for days 61-90: $408 ($400 in 2023)
- Copayment per day for days 91-150: $816 per lifetime reserved day ($800 in 2023)
- Days 151 and beyond: all costs.
Skilled Nursing Facility Stay
- $0 for the first 20 days ($0 in 2023)
- $204 per day for days 21-100 ($200 in 2023)
- Days 101 and beyond: all costs (all costs in 2022).

For more information, please visit Medicare costs at a glance.

Changes for Medicare Part B Premium and Cost in 2024 include:

Part B premium
- In 2024, the standard Part B premium amount will be $174.70 (or higher depending on your income) ($164.90 in 2023)

Part B premium for higher income based on your yearly income in 2022
- If modified adjusted gross income is $103,000 or less for individual tax returns or $206,000 or less for joint tax returns: $174.70 per month
- If modified adjusted gross income is $103,001 up to $129,000 for individual tax returns or $206,001 up to $258,000 for joint tax returns: $244.60 per month
- If modified adjusted gross income is $129,001 up to $161,000 for individual tax returns or $258,001 up to $322,000 for joint tax returns: $349.40 per month
- If modified adjusted gross income is $161,001 up to $193,000 for individual tax returns or $322,001 up to $386,000 for joint tax returns: $454.20 per month
- If modified adjusted gross income is above $193,001 and less than $500,000 for individual tax returns or above $386,001 and less than $750,000 for joint tax returns: $559.00 per month
- If modified adjusted gross income is equal/above $500,000 for individual tax returns or equal/above $750,000 for joint tax returns: $594.00 per month

Changes for Medicare Part D Cost in 2024 for include:

Yearly Deductible
- You are responsible for the first $545 of drug costs ($505 in 2023)
Initial Coverage
- The initial coverage (when you typically pay 25% of drug costs) starts after you’ve satisfied the yearly deductible and continues until the total drug costs (paid by you and your insurance company) reach $5,030 ($4,660 in 2023).
Coverage Gap
- Once the total cost of prescriptions has reached $5,030, you are responsible for ALL drug costs until you’ve spent $8,000 out-of-pocket ($7,400 in 2023). During the gap period, you’ll pay the following amounts for your prescriptions: 25% from the price of brand drugs (25% in 2023) and 25% from the price of generic drugs (25% in 2023).
Catastrophic Coverage
- Catastrophic coverage starts once you’ve spent $8,000 out-of-pocket ($7,400 in 2023). There is no more beneficiary cost sharing for catastrophic coverage. You pay NOTHING. (In 2023 you’ve paid the greater of either a 5% coinsurance or a small copayment ($4.15 for generic drugs or $10.35 for brand name drugs)).
Low Income Subsidy (LIS)
- Maximum copayment for people qualified for LIS programs is $4.50 for generic or preferred drugs ($4.15 in 2023) or $11.20 for brand name drugs ($10.35 in 2023).

If modified adjusted gross income is $103,000 or less for individual tax returns or $206,000 or less for joint tax returns: $174.70 per month, then you pay your plan premium
If modified adjusted gross income is $103,001 up to $129,000 for individual tax returns or $206,001 up to $258,000 for joint tax returns: $244.60 per month, then you pay your plan premium + $12.90
If modified adjusted gross income is $129,001 up to $161,000 for individual tax returns or $258,001 up to $322,000 for joint tax returns, then you pay your plan premium + $33.30
If modified adjusted gross income is $161,001 up to $193,000 for individual tax returns or $322,001 up to $386,000 for joint tax returns: $454.20 per month, then you pay your plan premium + $53.80
If modified adjusted gross income is above $193,001 and less than $500,000 for individual tax returns or above $386,001 and less than $750,000 for joint tax returns, then you pay your plan premium + $74.20
If modified adjusted gross income is equal/above $500,000 for individual tax returns or equal/above $750,000 for joint tax returns: $594.00 per month, then you pay your plan premium + $81.00

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For help finding the best Medicare or Individual Health Plan for you, please contact Liberty Medicare or call us at 877-657-7477.