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Every year, the Medicare premiums, deductibles, and coinsurance rates for all plans are adjusted according to the provisions of the Social Security Act, but mainly considering economic realities and government policies. Here are the Part A costs for 2024, recently announced by CMS.
2024 premiums, deductibles, and coinsurance amounts for Medicare Part A
Premiums
Medicare Part A premium is the monthly amount you pay to enjoy a Part A plan. According to the Social Security Administration, over 99% of the people who are enrolled in Medicare, enjoy it premium-free since they have worked for at least 40 quarters (ten years) in Medicare-covered employment (coverage).
Those who worked less than 40 quarters must pay a premium for Medicare Part A.
- Those with less than 40 quarters of coverage but at least 30 quarters (7.5 years) or those who were married to someone with at least 30 quarters of coverage qualify for a reduced monthly premium rate of $278 in 2024, the same rate as in 2023.
- Those who have been working for less than 30 quarters have to pay the full premium of $505 per month in 2024. This is a $1 decrease from the full premium rate of 2023. Some individuals with disabilities who have exhausted other entitlements must also pay the full premium.
Deductibles
Deductibles will go up by $32, bringing the total to $1,632. For inpatient care, coinsurance amounts from the 61st to 90th day will increase to $408 from $400 in 2023. While for lifetime reserve days, coinsurance amounts will also increase to $816 from $800. After the lifetime reserve days, beneficiaries will bear all costs, as has always been the case.
What are deductibles?
Deductibles are the amount you pay each time you are admitted to the hospital per benefit period. A benefit period will begin the day you are admitted into a hospital or skilled nursing facility and will end once you haven’t gotten inpatient hospital care or up to 100 days of skilled care in a skilled nursing facility for 60 days in a row. There’s no limit to the number of benefit periods a person can enjoy.
Coinsurance
If you need extended care in a skilled nursing facility, you’ll have to pay $204 in 2024 as coinsurance from the 21st to the 100th day, a $4 increase from 2023.
Medicare Part A updated costs for 2024
| 2023 | 2024 | Change | |
| Premium | Premium | ||
| If you/your spouse paid Medicare taxes for 40 quarters or more | $0 | $0 | – |
| If you/your spouse paid Medicare taxes for 30-39 quarters | $278 | $278 | – |
| If you/your spouse paid Medicare taxes for less than 30 quarters | $506 | $505 | ↓ by $1 |
| Deductible | Deductible | ||
| for each benefit period | $1,600 | $1,632 | ↑ by $32 |
| Coinsurance | Coinsurance | ||
| Inpatient stay | |||
| Days 1-60: | $0 | $0 | – |
| Days 61-90: | $400 | $408 | ↑ by $8 |
| Days 90 –150: | $800 | $816 | ↑ by $16 |
| After day 150: | You pay all costs | You pay all costs | – |
| Skilled nursing facility | |||
| Days 1-20: | $0 | $0 | – |
| Days 21-100: | $200 | $204 | ↑ by $4 |
| Days 101- beyond: | You pay all costs | You pay all costs | – |
| Home healthcare | |||
| for covered home healthcare services | $0 | $0 | – |
| for durable medical equipment | 20% | 20% | – |
| Hospice care | |||
| for covered hospice care services | $0 | $0 | – |
| for each prescription drug & similar products for pain relief | up to $5 | up to $6 | – |
| for inpatient respite care | 5% | 5% | – |
What is Medicare Part A?
Medicare Part A is a federal healthcare program known as Hospital insurance. It is specifically supposed to cover the following:
- Inpatient hospital care: This is when the patient requires admission to the hospital for a specific period. When admission is required, it typically means the patient is severely ill or has suffered significant physical or mental trauma.
- Skilled nursing facilities: Skilled nursing facilities typically include hospitals, life plan communities, assisted living communities, and nursing homes.
- Hospice: Hospice care is offered to terminally ill patients approaching the end of their lives. At this point, the focus of the treatment is not on healing the illness but on managing symptoms and ensuring the patient remains as comfortable as possible until they pass.
- Inpatient rehabilitation: Similar to inpatient hospital care, inpatient rehabilitation requires admission to a facility until the needed rehabilitative therapy is complete.
- Home Health Care Services: Only some home health care services will be covered under Medicare Part A, and whoever is receiving the treatment will either have to have trouble leaving the house without help, have been medically advised to avoid leaving their home due to their condition, or normally be unable to leave the home because it’s a major effort.
