The 2024 Medicare Premium Amounts

In 2024, the standard monthly premium for Medicare Part B (doctor visits and outpatient care) is $164.90 for most people. The standard monthly premium for Medicare Part D (prescription drugs) varies by plan, but averages around $34 to $40 per month, depending on which drug plan you choose. Medicare Part A (hospital care) has no monthly premium if you or your spouse paid Medicare taxes for at least 10 years while working.

These are the base amounts. Your actual premium may be higher if your income is above certain thresholds, or lower if you receive help paying your premiums through programs like Medicaid or the Low-Income Subsidy program.

If you have Medicare Advantage (Part C), your premium depends entirely on the plan you choose — some plans charge $0 per month, while others charge $100 or more. You still pay the Part B premium to Medicare, then pay your plan's additional premium on top of that.

Key Takeaways

  • The standard Part B premium for 2024 is $164.90 per month, though your actual amount depends on your income and when you enrolled.
  • Part D (prescription drug) premiums vary by plan and average $34 to $40 monthly, but you choose which plan to join.
  • Part A has no monthly premium for most people, but you pay a deductible when you enter the hospital.
  • If your income is above $97,000 (single) or $194,000 (married), you will pay a higher Part B and Part D premium called an Income-Related Monthly Adjustment Amount (IRMAA).
  • You can reduce your premium costs through Medicaid, the Low-Income Subsidy program, or by choosing a $0 Medicare Advantage plan.

Why Your Premium Might Be Different From the Standard Amount

Your Part B premium is higher than $164.90 if your modified adjusted gross income (MAGI) from two years ago exceeded $97,000 (if you file taxes as single) or $194,000 (if you file as married filing jointly). This extra charge is called an Income-Related Monthly Adjustment Amount, or IRMAA. The higher your income, the more you pay — the maximum Part B premium in 2024 is $560.50 per month for the highest earners.

Your Part D premium also increases with income using the same IRMAA brackets. If you have both Part B and Part D IRMAA charges, they stack on top of each other.

If your income drops — because you retire, lose a job, or have a major life change — you can ask Medicare to recalculate your IRMAA using your current year's income instead of the two-year-old figure. You will need to file a form called the Medicare Income-Related Monthly Adjustment Amount – Life-Changing Event (form SSA-44) with Social Security.

When You Pay Your Premium and How

Most people on Social Security have their Part B premium deducted directly from their monthly Social Security check. If you do not receive Social Security, Medicare sends you a bill each month, usually by mail or through your online Medicare account.

Part D premiums are paid to your drug plan, not to Medicare. Your plan bills you monthly, and you can usually set up automatic payments from your bank account.

If you have Medicare Advantage, your plan collects both the Part B premium (on Medicare's behalf) and its own plan premium in a single monthly bill. Some plans allow you to pay by mail, phone, or online.

Programs That Help Pay Your Premiums

If your income is low, Medicaid may pay your Part B and Part D premiums for you. Each state sets its own income limits, so what qualifies in one state may not in another. You explore through your state's Medicaid office, not through Medicare.

The Low-Income Subsidy program (also called "Extra Help") helps pay Part D premiums and reduces your out-of-pocket drug costs if your income is below 150% of the federal poverty level. In 2024, that means roughly $1,968 per month for a single person or $2,655 for a married couple. You explore through Social Security or at SSA.gov.

The Medicare Savings Program helps pay Part B and Part A premiums (and sometimes deductibles and coinsurance) if your income falls between 100% and 200% of the federal poverty level. Like Medicaid, you explore through your state.

What Happens If You Delay Enrolling in Medicare

If you do not sign up for Part B when you first become may be able to access at age 65, your premium increases by 10% for each year you delay. That penalty is permanent — it stays with you for life. For example, if you wait three years to enroll, you pay 30% more than the standard premium forever.

The same penalty applies to Part D. If you go without prescription drug coverage for more than 63 days in a row, you pay a 1% monthly penalty for each month you were uninsured. This penalty also lasts for life.

You have a seven-month window called your Initial Enrollment Period to sign up without penalty — it starts three months before the month you turn 65 and ends three months after. If you miss this window and do not have other creditable coverage (like an employer plan), penalties begin.

Medicare Advantage and Supplemental Insurance Premiums

If you choose Medicare Advantage instead of Original Medicare, you still pay the Part B premium to Medicare. On top of that, your Advantage plan charges its own premium, which can range from $0 to over $100 per month depending on the plan and your location. Some plans also charge copays and coinsurance that are higher than Original Medicare.

Medigap (supplemental insurance) is a separate policy you buy from a private insurer to cover costs that Original Medicare does not — like deductibles and coinsurance. Medigap premiums vary widely by plan type, your age, and your location. A basic Medigap plan might cost $100 to $150 per month, while a comprehensive plan can cost $200 to $400 or more.

You cannot have both Medicare Advantage and Medigap at the same time. If you have Original Medicare, you can add Medigap. If you have Advantage, you cannot.

Frequently Asked Questions

Can I change my Part D plan if my premium goes up?

Yes. You have an annual window called the Annual Enrollment Period (October 15 to December 7 each year) to switch to a different drug plan with a lower premium. If your plan's premium increases mid-year, you may also have the right to switch outside the enrollment period — contact your plan to ask.

What if I cannot afford my Medicare premium?

Contact your state's Medicaid office to ask about the Medicare Savings Program or Medicaid itself. You can also call 1-800-MEDICARE to be referred to local programs that help pay premiums. Social Security can tell you whether you may have access to for the Low-Income Subsidy for Part D.

Do I have to pay Part A premium if I worked less than 10 years?

If you or your spouse worked fewer than 10 years under Social Security, you may still have Part A but will pay a monthly premium. In 2024, the premium is $278 per month if you have 30 to 39 quarters of work history, or $505 per month if you have fewer than 30 quarters. You can reduce this premium through Medicaid or the Medicare Savings Program if your income is low enough.

Does my premium change if I move to a different state?

Your Part B premium stays the same nationwide. Your Part D premium may change because drug plans are priced regionally. Your Medicare Advantage plan premium may also change, and some plans may not be available in your new state. Review your coverage during the Annual Enrollment Period after you move.

What is the difference between the premium and the deductible?

Your premium is what you pay each month to have coverage. Your deductible is what you pay out of pocket before your coverage kicks in. Part A has a hospital deductible ($1,632 in 2024), and Part B has an annual deductible ($240 in 2024). Part D deductibles vary by plan.