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2024 Medicare Parts A & B Premiums and Deductibles

Medicare Part A Premiums

Premium-free Part A

You usually do not pay a monthly premium for Medicare Part A (Hospital Insurance) coverage if you or your spouse paid Medicare taxes for a certain amount of time while working. This is sometimes called "premium-free Part A." Most people get premium-free Part A.

You can get premium-free Part A at 65 if:

  • You already get retirement benefits from Social Security or the Railroad Retirement Board.
  • You are eligible to get Social Security or Railroad benefits but have not filed for them yet.
  • You or your spouse had Medicare-covered government employment.

If you are under 65, you can get premium-free Part A if:

  • You got Social Security or Railroad Retirement Board disability benefits for 24 months.
  • You have End-Stage Renal Disease (ESRD) and meet certain requirements.

 

Part A Premiums

If you do not qualify for premium-free Part A, you can buy Part A. People who buy Part A will pay a premium of either $278.00 or $505.00 each month in 2024 depending on how long they or their spouse worked and paid Medicare taxes. If you choose NOT to buy Part A, you can still buy Part B.

In most cases, if you choose to buy Part A, you must also:

  • Have Medicare Part B (Medical Insurance)
  • Pay monthly premiums for both Part A and Part B

 2024 Costs at a Glance

Part A hospital inpatient deductible and coinsurance

You pay:

·       $1,632.00 deductible for each inpatient hospital benefit period, before Original Medicare starts to pay.

  • Days 1-60: $0.00 after you pay your Part A Deductible.
  • Days 61-90: $408.00 copay each day.
  • Days 91-150: $816.00 copay each day while using your 60 lifetime reserve days. 
  • After day 150: You pay all costs.

 

Medicare Part B Premiums/Deductibles

Part B Premiums

You pay a premium each month for Part B. Your Part B premium will be automatically deducted from your benefit payment if you get benefits from one of these:

  • Social Security
  • Railroad Retirement Board
  • Office of Personnel Management
  • If you do not get these benefit payments, you will get a bill. 

Most people will pay the standard premium amount. If your modified adjusted gross income is above a certain amount, you may pay an Income Related Monthly Adjustment Amount (IRMAA). Medicare uses the modified adjusted gross income reported on your IRS tax return from 2 years ago. This is the most recent tax return information provided to Social Security by the IRS. 

The standard Part B premium amount in 2024 is $174.70. Most people pay the standard Part B premium amount. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you will pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium.

The Income-Related Monthly Adjustment Amounts (IRMAA) for Part B, including the income brackets, are as follows:

 

If your yearly income in 2022 (for what you pay in 2024) was

You pay each month (in 2024)

File individual tax return

File joint tax return

File married & separate tax return

$103,000 or less

$206,000 or less

$103,000 or less

$174.70

above $103,000 up to $129,000

above $206,000 up to $258,000

Not applicable

$244.60

above $129,000 up to $161,000

above $258,000 up to $322,000

Not applicable

$349.40

above $161,000 up to $193,000

above $322,000 up to $386,000

Not applicable

$454.20

above $193,000 and less than $500,000

above $386,000 and less than $750,000

above $103,000 and less than $397,000

$559.00

$500,000 or above

$750,000 and above

$397,000 and above

$594.00

 

Part B Deductible & Coinsurance

In 2024, you pay $240.00 for your Part B deductible. After you meet your deductible for the year, you typically pay 20% of the Medicare-approved amount for these:

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