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Medicare's 2024 Premiums and Important Dates Thumbnail

Medicare's 2024 Premiums and Important Dates

The Centers for Medicare & Medicaid Services (CMS) have released the 2024 Medicare Part A and Part B premiums, deductibles, and coinsurance amounts.

Medicare Part A Premium and Deductible Changes

Medicare Part A covers inpatient hospital services, skilled nursing facility services, hospice services, inpatient rehabilitation services, and some home health care services.

The Medicare Part A inpatient hospital deductible that beneficiaries pay is $1,632, an increase of $32 from $1,600 in 2023. The Part A inpatient hospital deductible covers beneficiaries’ share of costs for the first 60 days of Medicare-covered inpatient hospital care in a benefit period. In 2024, beneficiaries must pay a daily coinsurance amount of $408 for days 61–90 of a hospitalization (vs. $400 in 2023) in a benefit period and $816 per day for lifetime reserve days (vs. $800 in 2023). For beneficiaries in skilled nursing facilities, the daily coinsurance for days 21–100 of extended care services in a benefit period is $204 (vs. $200 in 2023).1

Medicare Part B Premium and Deductible Changes

Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and other medical and health services not covered by Medicare Part A.

Medicare Part B premium, deductible, and coinsurance rates are determined annually. The standard monthly premium for Medicare Part B enrollees for 2024 is $174.70, an increase of $9.80 from last year. The annual deductible for all Medicare Part B beneficiaries is $240, an increase of $14 from $226 in 2023.1

Important Medicare Dates

  • January 1: Medicare general enrollment begins.
  • January 1: Medicare Advantage enrollment begins.
  • January 15: Medicare Advantage and Part D rate release.
  • March 31: Medicare general enrollment ends.
  • March 31: Medicare Advantage enrollment ends.
  • April: Flu season ends.
  • September: Private plans send notice of any changes in cost, coverage, or service area.
  • October 15: Medicare open enrollment begins.
  • November: Flu season begins.1
  • November 6 (estimated): Medicare Part A and Part B premiums and deductibles announced.
  • December 7: Medicare open enrollment ends.

To learn more about how these changes could affect you, read about Medicare Parts A and B at medicare.gov.

  1. https://www.cms.gov/newsroom/fact-sheets/2024-medicare-parts-b-premiums-and-deductibles

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