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Resources to Help You Understand the Medicare Insurance Marketplace

How Much Medicare Costs?

You might wonder how much you’ll have to pay for Medicare in 2024. The answer depends on several factors, including your income, your assets, and whether you have a health insurance plan that provides Medicare coverage.

If you’re single and have an annual income of $85,000 or less, you’ll pay $135 per month for Part B coverage. If your income is higher than $85,000, you’ll pay more. For Part D prescription drug coverage, you’ll pay a premium of $33.50 per month if you have an annual income of $85,000 or less.

Again, if your income exceeds $85,000, you’ll pay more. In addition to the premiums you’ll pay for Part B and Part D coverage, you may also be responsible for deductibles, copayments, and coinsurance. For example, the standard Part B deductible was $203 in 2021.

You’ll pay the first $203 of covered medical expenses yourself. After that, Medicare will start to pay its share. You can expect to pay similar deductibles in 2024. Copayments are usually a set amount you pay for a covered service (for example, $20 for a doctor’s visit).

Coinsurance is usually a percentage of the cost of a covered service that you pay (for example, 20% of the cost of a hospital stay). You’ll most likely pay copayments and coinsurance only after you’ve met your deductible. There are also some services that Medicare doesn’t cover at all.

You’ll have to pay for these services or get them covered by a supplemental insurance plan. Examples of services that Medicare doesn’t cover long-term care, dental care, and eye exams. You can expect to pay similar deductibles in 2024.

As you can see, several factors can affect how much you’ll pay for Medicare coverage in 2024. Your best bet is to contact the Social Security Administration or your local Medicare office to get specific information about premiums, deductibles, and other costs.