January 2024: What’s New in Medicare?

Part A: Hospital Insurance

Part A premium


Free if you’ve worked 10 years or more

$278 per month if you’ve worked 7.5 to 10 years

$505 per month if you’ve worked fewer than 7.5 years

Part A hospital deductible $1,632 each benefit period
Part A hospital coinsurance


$0 for the first 60 days of inpatient care each benefit period

$408 per day for days 61-90 each benefit period

$816 per lifetime reserve day after day 90 in a benefit period (You have 60 lifetime reserve days that can only be used once. They’re not renewable.)

Skilled nursing facility insurance $0 for the first 20 days of inpatient care each benefit period

$204 per day for days 21-100 each benefit period


Part B: Medical Insurance

Part B premium

(For individuals with incomes below $103,000 or couples with incomes below $206,000)

$174.70 is the standard premium
Part B deductible $240 per year
Part B coinsurance 20% for most services Part B covers

Part D: Prescription drug coverage

National average Part D premium $ per month
Part D maximum deductible $545 per year
Coverage gap begins $5,030
Catastrophic coverage begins $8,000


When can I change my coverage in 2024?

You may realize at some point in 2024 that you aren’t happy with your coverage. Many people may have to wait until the next Fall Open Enrollment Period (October 15 through December 7) to change their coverage. You may be eligible for other opportunities to change your coverage earlier in 2024, though:

  • If you have a Medicare Advantage Plan: During the Medicare Advantage Open Enrollment Period (MA OEP), you can switch from your Medicare Advantage Plan to another Medicare Advantage Plan or to Original Medicare with or without a stand-alone prescription drug plan. The MA OEP occurs from January 1 through March 31. Changes made during this period are effective the first of the following month.
  • If you have Extra Help: You have a Special Enrollment Period (SEP) to enroll in a Part D plan or switch between plans. This SEP is available once per calendar quarter for the first three quarters of the year (January-March, April-June, and July-September). If you use the Extra Help SEP to change your coverage, the change will become effective the following month.
  • If you qualify for another Special Enrollment Period: You may be able to make changes to your Medicare health/drug coverage depending on your circumstances. For example, you may have an SEP if you move outside of your plan’s service area or if you made the wrong plan choice during Fall Open Enrollment Period because of misinformation you received. Call 1-800-MEDICARE to use an SEP. For questions about SEPs, contact your Broker, a  State Health Insurance Assistance Program (SHIP) by calling 877-839-2675 or visiting www.ASRConnect.com and scheduling an appointment with us.