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2024 Medicare Costs

Learn how 2024 Medicare changes could affect your coverage and costs. Review our 2024 Medicare Costs Overview or read the informational guides and articles below.

Average cost of Medicare Part A

If you or your spouse worked and paid Medicare taxes for the equivalent of 10 years (40 quarters), you qualify for premium-free Medicare Part A.

If you paid Medicare taxes for only 30-39 quarters, your 2024 Part A premium will be $278 per month. If you paid Medicare taxes for fewer than 30 quarters, your premium will be $505 per month.

Average cost of Medicare

Average cost of Medicare part B

The standard monthly premium for Medicare Part B is $174.70 per month in 2024.

Some Medicare beneficiaries may pay more or less per month for their Part B coverage. The Part B premium is based on your reported income from two years ago (2022).

Average cost of Medicare Part B

Average cost of Medicare Part C

In 2024, the nationwide average monthly premium for a Medicare Part C (Medicare Advantage) plan is $13.24 per month.1

Average cost of Medicare Part C (Medicare Advantage) by state and county

Average cost of Medicare Part D

The average 2024 Part D plan premium is $18.50 per month.2

Average cost of Medicare Part D

Medicare Supplement (Medigap) Costs

In 2023, the average Medicare Supplement (also called Medigap) plan premium was $130.58 per month.3 But the average cost of each type of Medigap plan can vary quite a bit from one plan type to another.

The average premium a Medicare Supplement Insurance (also called Medigap) plan can vary based on factors such as where you live, your age, your health status and more.

Average cost of Medicare Supplement Plans

 


1 TZ Insurance Solutions analysis of data provided by the Centers for Medicare & Medicaid Services (CMS), including the 2024 MA Landscape Source Files as well as carrier-provided plan data provided by Sun Fire Inc.

2 CMS. (Sep 26, 2023). Medicare Advantage and Medicare Prescription Drug Programs to Remain Stable in 2024. www.cms.gov/newsroom/press-releases/medicare-advantage-and-medicare-prescription-drug-programs-remain-stable-2024.

3 Internal sales data provided by TZ Insurance Solutions LLC, 2023. This data is based on the Medicare Supplement Insurance policies TZ Insurance Solutions LLC has sold. It is not a comprehensive national average of all available Medicare Supplement Insurance plan premiums.

Medicare Cost Articles

Medicare Deductions From Social Security

If you’re collecting Social Security retirement benefits and you’re enrolled in Medicare, you may be wondering why you haven’t received a bill for your monthly Medicare Part A and/or Part B premiu...
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2023 Medicare Premiums at a Glance

In this "How Much Does Medicare Cost?" guide, we detail the 2023 Medicare premiums for each part of Medicare, along with how much these premiums increased from 2022 and how you may be able to save...
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Are Medicare Premiums Automatically Deducted from Social Security?

Medicare beneficiaries have a few different options for paying their Medicare premiums. And one of those involves having your premiums deducted straight from your Social Security check. Learn wh...
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How to Understand Your True Out-of-Pocket Limit (TrOOP) for Medicare Part D

Nearly one in four older adults say it’s difficult to afford their prescription medications. This is especially true for those in fair or poor health and those with low incomes. Medicare Part D...
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Hierarchical Condition Categories: What Medicare Advantage Beneficiaries Need to Know

If you live in New England, you budget more money for heat in the winter months. In the summer, it’s all about the electric bill for air conditioning. The specific dollar amount you use in your bu...
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How Much Does Medicare Cost for Married, Widowed and Divorced Couples?

More than half of all Americans aged 65 or over are married , according to data from the U.S. census. In some states, such as Wyoming, Idaho and Utah, more than three in five seniors age 65 and a...
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How Do Different Parts of Medicare Cover Coronavirus (COVID-19) Treatment Costs?

Published May 1, 2020 Follow our Medicare Coronavirus News page for related information on coronavirus (COVID-19) and its impact on Medicare beneficiaries. While there is no cure for COV...
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Study: Value-Based Medicare Advantage Plans Deliver Better Care at a Lower Cost

A new study shows that shift from a fee-for-service to a value-based care model for its Medicare Advantage plans is paying off. The internal study concluded that the shift to focusing on value...
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How Much do Medicare Advantage Plans Cost?

When you are shopping for a Medicare Advantage plan, you may consider features such as a plan’s range of benefits and possible network rules. Another thing you might consider is the cost of a plan...
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What Is a Medicare Part B Excess Charge and How Can You Avoid Paying Them?

You may face Medicare excess charges when you receive health care treatment from a provider who does not accept the Medicare-approved amount as full payment . In these cases, a provider can char...
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