Annual Medicare Costs and Changes

2024

In October 2023, the Centers for Medicare and Medicaid Services (CMS) released the 2024 premiums, deductibles and coinsurance amounts(link is external) for the Medicare Part A and Part B programs, and the 2024 Medicare Part D income-related monthly adjustment amounts. A summary of the changes can be found below. 

PART A

PART A MONTHLY PREMIUM

  • If you worked 40 or more quarters, generally, there is no Part A premium.
  • If you worked less than 40 quarters, there is a premium for Part A:
    • $505 per month—0 to 29 quarters
    • $278 per month—30 to 39 quarters

HOSPITAL STAY DEDUCTIBLE AND COSTS

  • $1,632—Deductible each benefit period
  • $408 per day—For days 61 thru 90 each benefit period
  • $816—For lifetime reserve days (after each 90-day benefit period, up to 60 days over your lifetime)

SKILLED NURSING FACILITY STAY

  • $0—For the first 20 days each benefit period
  • $204 per day—For 21 to 100 days in benefit period

PART B

PART B MONTHLY PREMIUM

  • $174.70—If income is under $103,000 per year single; $206,000 couple
  • Greater than $174.70—If you are subject to an IRMMA (income is over $103,000 per year single; $206,000 couple)
  • If you are enrolled in QMB and SLMB, the State will pay the full Part B premium of $174.70 per month for those who meet the income and asset guidelines for these programs. 
  • If you were enrolled in QMB or SLMB in 2023 and lost the benefit because your income rose or you failed to recertify, you will pay $174.70 per month.

PART B DEDUCTIBLE

  • The first $240 yearly

PART D

EXTRA HELP 2024

  • Full Dual Eligible (Medicare and Medical Assistance; red and white card)—generic $1.55; brand $4.60
  • Extra Help —generic $4.50; brand $11.20

MARYLAND SENIOR PRESCRIPTION DRUG ASSISTANCE PROGRAM

  • Will pay up to $75 towards the monthly Medicare Part D Plan's premium

2024 STANDARD MEDICARE D PLAN

  • A monthly premium.
  • May be a deductible of no more than $545.
  • Initial coverage period lasts until the total amount spent on Part D drugs reaches $5,030 (includes amounts paid by plan, as well as the beneficiary, who typically pays less than 25 percent of retail cost for brand drugs and up to 100 percent of retail cost for generics).
  • Coverage gap period, known as the donut hole. Beneficiary will pay 25 percent of retail for brand drugs and 25 percent of retail for generics.
  • Catastrophic coverage period starts when total out-of-pocket threshold of $8,000 is reached (at this time, the full cost of drugs to date has reached approximately $12,447). Within this period, covered brand and generic drugs will cost nothing for the remainder of the calendar year.