How Much Does Medicare Cost? What You’ll Pay in 2024

Most parts of Medicare require a monthly premium, and there are other costs to consider.

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Updated · 2 min read
Profile photo of Kate Ashford, CSA®
Lead Writer
Profile photo of Holly Carey
Edited by Holly Carey
Assigning Editor
Fact Checked

Medicare's various costs and deductibles may change each year. The Centers for Medicare & Medicaid Services (CMS) releases the new costs for Medicare Parts A and B and income-related monthly adjustment amounts (IRMAA) every fall for the following year.

Medicare is the federal government health insurance program for people age 65 and older and younger people living with certain illnesses or disabilities. Medicare has four parts — Part A, Part B, Part C and Part D. There’s also Medigap, or Medicare Supplement Insurance, which is an optional add-on to Original Medicare.

Below are Medicare’s premiums and deductibles for 2024.

What is the average monthly cost for Medicare in 2024?

In general, you’ll pay a monthly premium for each part of Medicare, depending on which parts you’re enrolled in:

Part of Medicare

Monthly cost

Part A (hospital insurance)

Typically $0.

Part B (medical insurance)

Typically $174.70 in 2024.

Part C (Medicare Advantage)

$18.50, on average, in 2024.

Part D (prescription drugs)

$55.50, on average, in 2024.

Medigap

Varies by plan.

How much does Medicare Part A cost?

Medicare Part A covers inpatient care in hospitals and skilled nursing facilities, hospice care and some home health care. Here’s what you’ll pay for Medicare Part A in 2024:

  • Premium: Free for most

    Centers for Medicare & Medicaid Services. Costs. Accessed Sep 10, 2024.
    . (It’s free if you or your spouse worked and paid Medicare taxes for 10 years.)

  • Premium if it’s not free: Up to $505 per month. 

  • Deductible: $1,632 for each benefit period.

  • Coinsurance for inpatient stay: $0 for days 1 to 60 after you pay your deductible, then $408 or more per day after that.

  • Coinsurance for a skilled nursing facility stay: $0 for days 1 to 20 after you pay your deductible, then $204 or more per day after that. 

  • Maximum out-of-pocket costs: There is no limit unless you have a Medigap policy covering some of your costs. 

Note: If you have a Medigap policy, it may cover many of these costs listed above.

🤓Nerdy Tip

A benefit period starts the day you’re admitted for an inpatient hospital stay or skilled nursing facility care. It ends when you haven’t received inpatient hospital or skilled nursing care for 60 days in a row. If you’re admitted after that, you’ve started a new benefit period and must pay the deductible again. (But if you have a Medigap plan, it often covers your Part A deductible.)

Shopping for Medicare plans? We have you covered.

Medicare Advantage is an alternative to traditional Medicare offered by private health insurers. It covers the same benefits as Medicare Part A and Part B.
    insurance-product-card-logo
    UnitedHealthcare

    4.17

    CMS Star Rating

    on NerdWallet

      States available
      49 states and Washington, D.C.
      Members in high-rated plans
      Medium (50% to 89%)
      Member satisfaction
      Average
    (855) 821-0556
    / TTY 711
    Call UnitedHealthcare
    insurance-product-card-logo
    Humana

    4.35

    CMS Star Rating

    on NerdWallet

      States available
      49 states, Washington, D.C., and Puerto Rico
      Members in high-rated plans
      High (90% or more)
      Member satisfaction
      Above average
    (855) 432-0512
    / TTY 711
    M-F 9am-9pm ET, Sa 10am-9pm ET
    Speak to a licensed insurance agent on askchapter.org
See more plans

How much does Medicare Part B cost?

Medicare Part B covers medical services, such as your visits to a doctor’s office and preventive care. It also covers durable medical equipment. Here’s what you’ll pay for Medicare Part B in 2024:

  • Premium: $174.70 per month, although you could pay more depending on your income.

  • Higher-income beneficiaries: An additional $70 to $419 per month on your premium if your income exceeds certain thresholds

  • Deductible: $240.

  • Coinsurance: Usually 20% of the cost of Medicare-approved services.

  • Maximum out-of-pocket costs: No limit unless you have a Medigap policy covering some of your costs.

Note: If you have a Medigap policy, it may cover your coinsurance.

How much does Medicare Part C (Medicare Advantage) cost?

Medicare Advantage is a bundled alternative to Original Medicare that includes the benefits of Part A, Part B and usually Part D. These plans typically include additional benefits, such as some coverage for dental or vision care

. They're sold by private health insurance companies, and premiums vary. Here’s what you’ll pay for Medicare Advantage in 2024:

  • Average monthly premium: $18.50. (But many plans have a $0 premium.)

  • Part B premium: You still must pay this, although some Medicare Advantage plans pay part or all of this for you.

  • Deductibles, coinsurance and copays: Costs vary by plan, check the fine print to understand what you’ll pay for medical services.

  • Maximum out-of-pocket costs: Plans can set this limit as high as $8,850.

How much does Medicare Part D cost?

Medicare Part D is prescription drug coverage, and it’s sold by private health insurance companies, so premiums vary by policy. Here’s what you’ll pay for Medicare Part D in 2024:

  • Average total monthly premium: $55.50.

  • Higher-income beneficiaries: You’ll pay an additional $12.90 to $81 per month on your premium if your income exceeds certain thresholds

  • Drug plan price range: $0 to $195.10 per month.

  • Deductible: Not all plans have one, and it can’t be higher than $545.

  • Copays and coinsurance: Check your prescription drugs to see what you’ll pay for them in the plan.

  • Maximum out-of-pocket costs: As much as $8,000 in 2024, but this includes the value of some manufacturer discounts on brand name drugs, so actual out-of-pocket spending to reach this would be closer to $3,300, according to health policy nonprofit KFF. 

Note: If your Medicare Advantage plan includes Part D benefits, your Part D premium will be included in the plan’s premium.

How much does Medigap cost?

If you stick with Original Medicare (instead of Medicare Advantage), you have the option of buying additional coverage in the form of a Medigap plan, or Medicare Supplement Insurance. These plans are offered by private insurers and pay many of the costs and deductibles of Part A and Part B, and they may offer some health coverage if you travel internationally. Here’s what you’ll pay for Medigap in 2024:

  • Premium: Varies by plan and location.

  • Best time to buy: During the six-month window that starts the first month you have Medicare Part B (and you’re 65 or older). During this time, Medigap companies must offer you a plan at the same price as everyone else, regardless of your health status

    Centers for Medicare & Medicaid Services. Get ready to buy: Your Medigap Open Enrollment Period. Accessed Sep 10, 2024.
    . After that, companies may raise the price or not offer you a plan, depending on your health situation.

Note: You can’t buy Medigap if you have Medicare Advantage.

Although premiums vary, here’s an example of Medigap costs for a 65-year-old nonsmoker in Chicago:

Medigap plan

Monthly premium

$100 to $426.

$151 to $422.

$165 to $534.

$149 to $284.

$130 to $562.

Plan F - high deductible

$42 to $62.

$114 to $527.

Plan G - high deductible

$40 to $84.

$68 to $192.

$107 to $300.

$96 to $161.

$87 to $481.

Make sure you compare the offerings of different Medigap plans before you purchase.

If you have additional questions about Medicare, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).

Still deciding on the right carrier? Compare Medigap plans

MORE LIKE THISMedicareInsurance
Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.