2024 Medicare Review
Even with Social Security's 3.2% COLA (Cost of Living Adjustments) for 2024, the cost of health care can exceed inflation. As one ages, health care expenses become the second largest share of household expenses. In addition, health care expenditures increase with age. A Medicare premium, deductible, copay, and coinsurance rate is determined annually in accordance with the provisions of the Social Security Act. You should review Medicare costs and plan options to make sure they meet your budget and health care needs.
Medicare Part A, Part B, and Part D Costs in 2024
Original Medicare Part A (Hospital Insurance)
· Premium for those with 40+ working quarters: $0/ month
· Premium for those with between 30 and 39 working quarters: $278/ month
· Premium for those with fewer than 30 working quarters: $ $505/ month
· Benefit period deductible: $1632/benefit period
· Hospital daily copay for days 61-90: $408/ day
· Hospital daily copay for 60 lifetime reserve days: $816/ day
· Skilled nursing facility daily copay for days 1-20: $0/ day
· Skilled nursing facility daily copay for days 21-100: $204/ day
Original Medicare Part B (Medical Insurance)
· Standard Premium: $174.70/ month
· All beneficiaries are responsible for the Part B premium, even if they are enrolled in a Medicare Advantage (Medicare Part C) plan.
· Annual deductible: $240/ year
Medicare Part D (Prescription Drug Benefit)
· National base premium: $55.50
· Annual deductible: $545
Medicare plans may charge a premium in addition to the Part B premium and can have different cost-sharing than Original Medicare.
The Medicare Annual Open Enrollment period ends on December 7th. There can be changes in plans from year to year, as well as changes in your health needs. Knowing your options is important.
The Senior Health Insurance Counselors for Kansans (SHICK) program offers Kansans the opportunity to talk to trained volunteers about Medicare. In order to help you make informed decisions about your Medicare coverage, counselors provide you with confidential, unbiased, and educational information.
Call 913-715-7000 or email email@example.com to speak with a SHICK counselor about your Medicare prescription drug plan, Medicare Advantage plan, or Medicare questions.