The Centers for Medicare and Medicaid Services (CMS) under the umbrella of the federal Departmet of Health and Human Services has oversight over the Medicare program, which consists of Part A (hospital coverage) and Part B (out-patient medical coverage). Each fall, CMS publishes beneficiary cost-sharing effective for the following year.
For 2024:
The standard Part B premium will be $174.70.
The Part B annual deductible will be $240 and beneficiary cost-sharing will be 20%
The Part A inpatient hospital deductible will be $1632 and:
Days 61-90 co-pay will be $408.
Lifetime reserve days will be $816.
For more information about IRMAA (income-related premium adjustments) and other Part A and Part B coverage guidelines, you can read the full CMS press release here.
Because Original Medicare (Parts A & B) does not cover all costs, and because there is no out-of-pocket maximim with Original Medicare, you risk significant financial exposure if you do not secure additional coverage. Minnesotans have two choices when it comes to additional health care coverage with Medicare: Medicare Advantage plans and Medigap policies. You can learn more about both of these options here.
Navigating the options available to you can be confusing, and it costs you nothing to talk with a licensed insurance agent who specializes in Medicare coverage in Minnesota.
Contact us today to learn more, or visit us online at www.milestonemedicare.com.