2024 Medicare Highlights

March 11, 2024

Each year, if needed, the Centers for Medicare & Medicaid Services (CMS) adjust Medicare’s premiums, deductibles, and copays. Most people do not pay a monthly premium for Medicare Part A if they or their spouse paid Medicare taxes while working. However, to be covered under Medicare Part B, you must pay a monthly premium. For most people, the premium is deducted from their Social Security benefit. As required by law, the standard monthly premium is set each year at 25% of the cost for senior beneficiaries. The government pays the remaining 75%.

The chart below compares 2023 and 2024 costs. The Health Options Program is designed to pay some or all of these deductibles and coinsurances. For example, the HOP Medical Plan pays your Part A deductible and coinsurance for stays in the hospital and skilled nursing facilities, as well as your Part B deductible. The Value Medical Plan also pays 100% of Medicare’s hospital deductible and daily copays, but only after you pay the first $300.

 Amount You Pay (without supplemental insurance)
Part A20232024
First-day hospital deductible$1,600$1,632
Coinsurance for days 1–60 of a hospital stay$0$0
Coinsurance for days 61–90 of a hospital stay$400 per day$408 per day
Coinsurance for days 1–20 of a skilled nursing facility stay$0$0
Coinsurance for days 21–100 of a skilled nursing facility stay$200 per day$204 per day
Part B
Standard monthly premium for most new enrollees and Medicare beneficiaries$164.90$174.70
Deductible$226$240
Coinsurance20%20%
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Contact the HOP Administration Unit for assistance with your questions.