Original Medicare (Part A and Part B) includes some out-of-pocket costs such as deductibles and monthly premiums. Your Medicare Part B premium rate can increase based on your income.

The standard Part B premium is $174.70 in 2024.

Medicare rates, deductibles and copays

Every year, the Centers for Medicare and Medicaid determine rates for Medicare Part B premiums. If your reported income two years prior is above a specific threshold, you may have to pay more than the standard premium.

Though most beneficiaries will not pay a monthly premium for Medicare Part A, some people may have to pay up to $505 per month in 2024.

Both Medicare Part A and Part B have deductibles and coinsurance.

• In 2024, the Medicare Part A deductible for inpatient hospital care is $1,632 per benefit period.
  
  Inpatient hospital stays that last longer than 60 days also require daily coinsurance payments.
  
  
• The Medicare Part B deductible for 2024 is $240 per year.
  
  After your deductible is met, you typically have to pay a 20% coinsurance of the Medicare-approved amount for doctor’s office visits, outpatient therapy and medical equipment.

Original Medicare does not typically cover prescription drugs.

If you want to sign up for Medicare prescription drug coverage or switch plans, you can consider enrolling in:

• A Medicare Advantage Prescription Drug plan (MA-PD)
  
  
• A Medicare Part D prescription drug plan

You can learn more about Part D plans available where you live and enroll in a Medicare prescription drug plan online when you visit MyRxPlans.com.

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Managing your Medicare costs

Medicare Advantage plans may help some enrollees save money on health care costs.

All Medicare Advantage plans offer the same basic benefits available through Original Medicare and may offer benefits not found in Original Medicare. 

Medicare Advantage plans also include an annual out-of-pocket spending limit, which could help protect you from Medicare costs that can add up quickly when you have a serious illness or injury.

Medicare Advantage plans are sold by private insurers, so monthly costs and rate increases will vary based on your plan.

To learn more and to select the right Medicare Advantage plan for you, call today to speak with a licensed insurance agent.