What Are Other Medicare Costs in 2024?
Premiums, deductibles, copayments and coinsurance make up the bulk of Medicare out-of-pocket costs.
But there are still a few additional costs that beneficiaries may incur.
- Late enrollment fees
When you first become eligible for Medicare, you're given an Initial Enrollment Period to sign up for coverage. If you wait until after this period ends, you may face late enrollment fees that are added to your Part B and/or Part D premiums if you don't qualify for special enrollment.
- Part B excess charges
When a health care provider does not accept Medicare assignment, it means they do not agree to accept the Medicare-approved amount as full payment for their services. They reserve the right to charge up to 15 percent more than the Medicare-approved amount for their product or service.
This is called an excess charge, and is the responsibility of the beneficiary.
2024 Medicare Supplement Insurance (Medigap) Plans Can Help Pay For Certain Medicare Out-of-Pocket Costs
Medicare Supplement Insurance plans can help cover certain Medicare deductibles, copayments, coinsurance and other out-of-pocket costs required by Medicare Part A and Part B.
Depending on which Medigap plan you choose, many of your Medicare out-of-pocket costs could be covered.
A licensed insurance agent can help you compare the Medigap plans that may be available where you live so that you can find a plan that fits your coverage and budget needs.