Medicare premiums for 2024 vary by the type of coverage you choose and your income level
Medicare Part A (hospital insurance) has no monthly premium for most people who paid Medicare taxes while working. Part B (medical insurance) costs $164.90 per month for most people in 2024, though higher earners pay more. Part D (prescription drug coverage) premiums depend on which plan you choose and range widely. If you have Original Medicare, you also pay a deductible before coverage begins, and you share costs with Medicare after that.
The amounts listed here are the standard 2024 figures. Your actual premium may be different if you have higher income, delayed signing up for Part B, or chose a Medicare Advantage plan instead of Original Medicare. Income thresholds and premium increases change each year, so the figures below explore specifically to 2024.
Key Takeaways
- Part A has no monthly premium for most people, but you pay a $1,632 deductible per hospital stay in 2024.
- Part B costs $164.90 per month for most people, plus a $240 annual deductible and 20% coinsurance after that.
- Part D premiums vary by plan and pharmacy, ranging from roughly $7 to $100+ per month depending on your choices.
- If your income is above $97,000 (single) or $194,000 (married filing jointly), you pay a higher Part B and Part D premium called IRMAA.
- Medicare Advantage plans have their own premiums, usually lower than Original Medicare, but cover the same services differently.
Part A hospital insurance costs and what they cover
Part A covers inpatient hospital stays, skilled nursing facility care, hospice, and some home health services. You pay nothing per month if you or your spouse paid Medicare taxes for at least 10 years (40 quarters). If you did not work long enough, you can buy Part A coverage for $278 per month in 2024, or $553 per month if you worked between 30 and 40 quarters.
When you use Part A services, you pay a deductible of $1,632 per benefit period for a hospital stay. A benefit period begins the day you enter the hospital and ends 60 days after you leave without receiving inpatient care. If you return to the hospital after that 60-day gap, a new benefit period starts and you pay the deductible again. For days 61 through 90 of a single hospital stay, you pay $408 per day. Days 91 and beyond cost $816 per day, up to a lifetime reserve of 60 additional days.
Skilled nursing facility care is covered only if you were hospitalized for at least three consecutive days first. You pay nothing for the first 20 days, then $204 per day for days 21 through 100 in a benefit period. After day 100, you pay all costs yourself.
Part B medical insurance premiums and cost-sharing
Part B covers doctor visits, outpatient care, medical equipment, and preventive services. The standard monthly premium is $164.90 in 2024 for most people. If you delayed signing up for Part B and did not have other may have access to coverage, you pay a permanent 10% penalty on top of the standard premium for each year you were late. That penalty stays with you for life, so signing up when you first become may be able to access matters.
Beyond the monthly premium, you pay a $240 annual deductible before Part B coverage begins. After you meet the deductible, Medicare pays 80% of approved charges and you pay 20%. This coinsurance continues all year with no out-of-pocket maximum under Original Medicare, meaning your costs can grow if you need ongoing care.
If your income exceeds certain thresholds, you pay a higher Part B premium called an Income-Related Monthly Adjustment Amount (IRMAA). For 2024, single filers earning more than $97,000 per year and married couples filing jointly earning more than $194,000 pay extra. The amount increases in brackets: someone earning $122,000 as a single filer pays $230.70 per month instead of $164.90. The highest earners pay $560.50 per month. These income limits are based on your tax return from two years prior, so 2024 premiums reflect your 2022 income.
Part D prescription drug coverage and how premiums work
Part D is optional coverage for prescription drugs offered by private insurance companies approved by Medicare. There is no single Part D premium—each plan sets its own, and premiums vary by plan, by pharmacy, and by which drugs are covered. In 2024, Part D premiums range from roughly $7 to $100+ per month depending on the plan you choose. You can compare plans on Medicare.gov during the annual enrollment period in October and November.
When you use Part D, you typically pay a copay or coinsurance for each prescription. Most plans have a deductible of up to $545 in 2024 before coverage begins. After you and your plan spend $5,850 combined on covered drugs, you enter the "donut hole"—a coverage gap where you pay a larger share of drug costs. Once your out-of-pocket spending reaches $8,000, catastrophic coverage kicks in and you pay only a small copay for the rest of the year.
If you do not sign up for Part D when you first become may be able to access and later enroll, you pay a permanent penalty of about 1% of the national average Part D premium for each month you were without coverage. Like the Part B penalty, this stays with you for life. If you have other drug coverage through an employer or union, you may be able to delay Part D without penalty—check with your plan.
Income-related premiums (IRMAA) and how they are calculated
If your income is above a certain level, Medicare charges you a higher premium for Part B and Part D. This is called an Income-Related Monthly Adjustment Amount. For 2024, the income thresholds are $97,000 for single filers and $194,000 for married couples filing jointly. These thresholds are based on your Modified Adjusted Gross Income (MAGI) from your tax return two years before the current year.
The IRMAA brackets for 2024 are:
| Income (Single) | Income (Married Filing Jointly) | Part B Premium | Part D Premium Increase |
|---|---|---|---|
| $97,000 or less | $194,000 or less | $164.90 | Standard plan premium |
| $97,001–$122,000 | $194,001–$244,000 | $230.70 | +$12.70 |
| $122,001–$147,000 | $244,001–$294,000 | $296.50 | +$32.10 |
| $147,001–$172,000 | $294,001–$344,000 | $362.30 | +$51.50 |
| $172,001 or more | $344,001 or more | $560.50 | +$76.80 |
If your income drops due to retirement, job loss, or death of a spouse, you can request a Life-Changing Event adjustment. You will need to submit documentation of the change and a completed form to Social Security. This can lower your IRMAA for the current year rather than waiting two years for your tax return to reflect the change.
Medicare Advantage plan premiums as an alternative
Medicare Advantage (Part C) is an alternative to Original Medicare offered by private insurance companies. Many Medicare Advantage plans have no monthly premium beyond your Part B premium, though some charge $0 to $200+ per month depending on the plan and your location. In exchange, you typically use a network of doctors and hospitals, and you may have lower out-of-pocket costs than Original Medicare for some services.
Medicare Advantage plans include Part A, Part B, and usually Part D coverage all in one plan. You still pay your Part B premium to Medicare, and the plan premium (if any) goes to the insurance company. Out-of-pocket maximums are capped—in 2024, the maximum is $8,300 for in-network care. This means your total cost-sharing for the year has a ceiling, unlike Original Medicare.
The trade-off is that you must use doctors and hospitals in the plan's network, and you need a referral from your primary care doctor to see a specialist. If you travel frequently or want to see any doctor you choose, Original Medicare may suit you better. You can switch between Original Medicare and Medicare Advantage during the annual enrollment period each fall.
When premiums change and how to stay informed
Medicare premiums are set each year and announced in the fall for the following year. Part B and Part D premiums typically increase annually based on inflation and program costs. Part A deductibles and coinsurance amounts also change yearly. The Social Security Administration announces the new figures in October, and they take effect January 1.
You can find the current year's premiums and cost-sharing amounts on Medicare.gov. If you receive Social Security, your Part B premium is usually deducted automatically from your benefit. If you do not receive Social Security, Medicare sends you a bill. If your income changes significantly—such as retirement, a job loss, or a spouse's death—contact Social Security to see if you may have access to for an IRMAA adjustment rather than waiting for next year's premium to reflect the change.
Frequently Asked Questions
Do I have to pay Part A premium if I worked less than 10 years?
Yes. If you or your spouse did not pay Medicare taxes for at least 40 quarters (10 years), you can buy Part A coverage. The cost is $278 per month in 2024 if you worked 30 to 40 quarters, or $553 per month if you worked fewer than 30 quarters. Some people buy Part A to cover gaps in their work history.
What happens if I don't sign up for Part B when I turn 65?
You pay a permanent 10% penalty on your Part B premium for each year you delay without other may have access to coverage. If you wait three years, you pay 30% extra for life. The only exceptions are if you have employer coverage or are still working and covered by your employer's plan. Once you lose that coverage, you have eight months to sign up without penalty.
Can I change my Part D plan if the premium goes up?
Yes. You can switch Part D plans during the annual enrollment period from October 15 to December 7 each year, and the new plan takes effect January 1. You can also switch if you have a may have access to life event like moving to a new state or losing other drug coverage. Outside these windows, you are locked into your current plan.
How do I know if I owe IRMAA on my Medicare premiums?
Medicare uses your tax return from two years prior to calculate IRMAA. If your income was above $97,000 (single) or $194,000 (married filing jointly) in 2022, you owe IRMAA for 2024. Social Security sends a notice in December showing your 2024 premium. If your 2023 income was much lower due to retirement or job loss, you can request an adjustment by contacting Social Security.
Are there any Medicare premiums I don't have to pay?
Part A has no premium if you or your spouse paid Medicare taxes for at least 10 years. Preventive services covered by Part B (like annual wellness visits and screenings) have no copay or coinsurance. Some Medicare Advantage plans have no monthly premium. But you will still pay deductibles and cost-sharing when you use most services.