2024 Medicare Premiums According to Your Income Level

• by Christian Worstell
• January 12, 2024
• Reviewed by John Krahnert

Medicare Part B and Part D require higher income earners to pay higher premiums for their plan. If you have Part B and/or Part D benefits (which are optional), your premiums will be based in part on your reported income level from two years prior.

This means that your Medicare Part B and Part D premiums in 2024 may be based on your reported income in 2022.

In this guide, we break down the costs of Medicare by income level, including costs for Medicare Part A, Part B, Part C, Part D and Medicare Supplement Insurance plans.

Medicare Part B costs by income level

Medicare Part B (medical insurance) premiums are based on your reported income from two years prior. The higher premiums based on income level are known as the Medicare Income-Related Monthly Adjustment Amount (IRMAA).

The 2024 Medicare Part B premium costs by income level are as follows:

There are several Medicare Savings Programs in place for qualified individuals who may have difficulty paying their Part B premium.

Medicare Part B includes several other costs in addition to monthly premiums. The 2024 Part B deductible is $240 per year.

After you meet your deductible, you typically pay 20 percent of the Medicare-approved amount for qualified Medicare Part B services and devices. Medicare typically pays the other 80 percent of the cost, no matter what your income level may be.

Medicare Part D costs by income level

Like Medicare Part B, Medicare Part D prescription drug plans use the IRMAA to determine plan premium costs by income level.

2024 Medicare Part D plan premiums, based on income level from 2022, are as follows:

There are some assistance programs that can help qualified lower-income beneficiaries afford their Medicare Part D prescription drug coverage.

Part D plans are sold by private insurance companies, so additional costs such as copayment amounts and deductibles can vary from plan to plan.

Are you looking for Medicare prescription drug coverage?

You can compare Medicare drug plans available where you live and – if you're eligible – enroll in a Medicare prescription drug plan online when you visit MyRxPlans.com.

Medicare Part A costs are not affected by your income level

Your income level has no bearing on the amount you will pay for Medicare Part A (hospital insurance). Part A premiums (if you are required to pay them) are based on how long you worked and paid Medicare taxes.

Medicare Part A premium costs in 2023 are as follows:

Most Part A beneficiaries qualify for premium-free Part A coverage.

Two of the Medicare Savings Programs that may help pay Part A premium costs for qualified individuals include:

• Qualified Medicare Beneficiary (QMB) Program
• Qualified Disabled and Working Individuals (QDWI) Program

Medicare Advantage and Medigap costs by income level

Medicare Part C plans (also called Medicare Advantage) and Medicare Supplement Insurance plans (also called Medigap) are sold by private insurance companies. The cost of plans can vary from one provider to the next.

Read additional Medicare costs guides to learn more about Medicare costs and how they will affect you.

Find a Medicare Advantage plan that fits your income level

Did you know that a Medicare Advantage plan covers the same benefits that are covered by Medicare Part A and Part B (Original Medicare)? Did you know that some Medicare Advantage plans also offer benefits not covered by Original Medicare?

Some of these additional benefits – such as prescription drug coverage or dental benefits – can help you save some costs on your health care, no matter what your income level may be.

Some Medicare Advantage plans even feature $0 monthly premiums, though $0 premium plans may not be available in all locations. Find out if a $0 premium plan is available where you live by calling to speak with a licensed insurance agent.

Learn more about Medicare enrollment

• How much does Medicare cost by state?
• What is the average cost of Medicare?
• How do I cancel Medicare?
• What is Medicare Easy Pay?
• How do I enroll in a Medicare Advantage plan?
• What is a Special Enrollment Period?
• What is a Medicare Special Needs Plan?
• How does Medicare work with other forms of coverage?
• What is a 5-star Medicare Advantage plan?
• Medicare Part C Cost

About the author

Christian Worstell is a senior Medicare and health insurance writer with MedicareAdvantage.com. He is also a licensed health insurance agent. Christian is well-known in the insurance industry for the thousands of educational articles he’s written, helping Americans better understand their health insurance and Medicare coverage.

Christian’s work as a Medicare expert has appeared in several top-tier and trade news outlets including Forbes, MarketWatch, WebMD and Yahoo! Finance.

Christian has written hundreds of articles for MedicareAvantage.com that teach Medicare beneficiaries the best practices for navigating Medicare. His articles are read by thousands of older Americans each month. By better understanding their health care coverage, readers may hopefully learn how to limit their out-of-pocket Medicare spending and access quality medical care.

Christian’s passion for his role stems from his desire to make a difference in the senior community. He strongly believes that the more beneficiaries know about their Medicare coverage, the better their overall health and wellness is as a result.

A current resident of Raleigh, Christian is a graduate of Shippensburg University with a bachelor’s degree in journalism.

If you’re a member of the media looking to connect with Christian, please don’t hesitate to email our public relations team at Mike@tzhealthmedia.com.

 

 

​

Read less