2024 Medicare Premiums, Deductibles, and Cost-Sharing Amounts

Part A (Hospital Insurance)

Hospital Deductible

Beneficiary pays:

per benefit period

Hospital Copayment

Beneficiary pays:

$408/day for days 61-90
$816/day per “lifetime reserve day” after day 90 of each benefit period (up to a maximum of 60 days over your lifetime)

Skilled Nursing Facility Copayment

Beneficiary pays:
  • $0 for the first 20 days of each benefit period
  • $204/day for days 21-100
  • All costs for each day after day 100 of the benefit period

Part A Premiums

Beneficiary pays:

Most people do not pay a monthly Part A premium because they or a spouse has 40 or more quarters of Medicare-covered employment.
$505/month for those with fewer than 30 quarters of Medicare-covered employment
$278/month for those with 30-39 quarters of Medicare-covered employment

Part B (Medical Insurance)

Annual Deductible

Beneficiary pays:

per benefit period

Part B Premium

Beneficiary pays:
for those with incomes below $87,000 if single, $174,000 if married** (higher incomes see below)

$174.70/month – standard Part B Premium

Most Part B covered services*

Beneficiary pays:

20% of amount Medicare approves

*Part B: covers Medicare eligible physician services, outpatient hospital services, outpatient mental health services, certain home health services, durable medical equipment


Medicare Advantage plans combine Part A and B into one plan.

Offered as a alternative to original Medicare, these plans are sold and serviced by Medicare-approved health insurance companies as an alternative option to your Original Medicare coverage. Premiums and out-of-pocket costs may vary depending on your plan, however most people pay as low as $0 to $25 in addition to your monthly Medicare Part B premium (see above). To ensure you find a plan that fits your specific healthcare needs and budget, please contact our licensed Medicare agent for professional assistance.


Monthly Premiums for Medicare Part D

For 2022 Medicare Part D Costs, most drug plans charge a monthly fee that varies by plan. You pay this in addition to the Part B premium. If you’re in a Medicare Advantage Plan (Part C) or Medicare Cost Plan with drug coverage, the monthly premium may include an amount for drug coverage.

  • If your income was more than $91,000 ($182,000 filing joint) you’ll pay $12.90 + your plan premium
  • If your income was more than $114,000 ($228,000 filing joint) you’ll pay $33.30 + your plan premium
  • If your income was more than $142,000 ($284,000 filing joint) you’ll pay $53.80 + your plan premium
  • If your income was more than $170,000 ($340,000 filing joint) you’ll pay $74.20 + your plan premium
  • If your income was more than $500,000 ($750,000 filing joint) you’ll pay $81 + your plan premium

Yearly Deductible

Deductibles vary between Medicare drug plans. Some Medicare drug plans don’t have a deductible.

-No Medicare drug plan may have a deductible more than $545 in 2024.

CoPayments and Out-of-Pocket Threshold

Once your deductible is met, you’ll pay a coinsurance (copay) for prescription drugs. Note that the amount of your copay may change during the benefit period, if the drug price fluctuates.

-Initial coverage limit is $5,030 (plan pays 75% – you pay 25%)

-Once you and your plan pay this amount, you’ll continue to pay 25% of the cost of your prescriptions drugs until you reach your threshold

-Annual out-of-pocked threshold is $8,000

Coverage Gap - Donut Hole

Once you and your plan have spent $5,030 on covered drugs in 2024, you’re in the coverage gap (a temporary limit on what the plan covers). Even though you’ll only pay 25% for both brand name and generic drugs at this point, almost the full price of the drug (except for what the plan pays) will count as out-of-pocket costs to help you get out of the coverage gap.

-The manufacturer pays 70% of drug costs
-The plan pays 5% of drug costs
-You pay 25% of drug costs
-The plan also pays 75% of a dispensing fee, you pay 25% of the dispensing fee

Catastrophic Coverage

Once you reach your threshold ($8,000), you are out of the coverage gap (donut hole) and you’ll automatically get catastrophic coverage. This assures you only pay a small coinsurance amount or copayment for covered drugs for the rest of the year.

-You’ll pay 5% or a small copay (whichever is greater) of the cost of your medications for the rest of the year.
-Your plan pays the rest

Insulin Costs

Beginning Jan. 1, 2023 and beyond, all Medicare Part D and Medicare Advantage plans with prescription coverage will cap the cost of select insulin products at $35.

With this change, you’ll pay no more than $35 for a month’s supply of insulin.

Starting on July 1, 2023 and beyond, people on Original Medicare who use an insulin pump will also pay no more than $35 for a month’s supply of insulin.

Costs for Vaccines

Starting in 2023 and beyond, vaccines covered under Medicare Part D will be free.

This means you pay no deductible, coinsurance or copay for vaccines — even the shingles vaccine — covered by Medicare Part D.

Some of the above information was obtained from Medicare.gov.

The above premiums represent national averages. Plan premiums can and do vary by state and by carrier.

Note that O’Brien & Associates, and Larry O’Brien are not part of the Federal Medicare program.

We do not offer every plan available in your area. Please contact Medicare.gov, 1-800-MEDICARE, or your local State Health Insurance Program to get information on all your options.