Medicare Costs Surge in 2024: What You Should Expect

Medicare costs are set to rise in 2024, with the standard monthly premium for Medicare Part B increasing by $9.80 and the annual deductible rising by $14. Additionally, the cost of hospital care under Medicare Part A is also increasing, including daily coinsurance costs and skilled nursing facility coinsurance. Higher earners will face surcharges for Medicare Part B. Seniors with limited financial resources should plan accordingly and consider switching to a less expensive Medicare plan during the open enrollment period to offset rising costs.