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Most Medicare Costs Are Increasing in 2024

Nov 9, 2023 3:10:44 PM
written by The Retirement Group

Premiums, deductibles, and coinsurance amounts for Original Medicare generally change every year. Here's a look at some of the costs that will apply in 2024.

Medicare Part A (Hospital Insurance) costs for 2024

  • Premium for those who need to buy coverage: As much as $505 per month (down from $506 in 2023); however, most people don't pay a premium for Medicare Part A
  • Deductible for inpatient hospitalization: $1,632 per benefit period (up from $1,600 in 2023)
  • Inpatient hospital coinsurance: $408 per day for days 61 through 90, and $816 per "lifetime reserve day" after day 90, up to a 60-day lifetime maximum (up from $400 and $800 in 2023)
  • Skilled nursing facility coinsurance: $204 per day for days 21 through 100 for each benefit period (up from $200 in 2023)

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posted in Financial Planning, Healthcare, Retirement, Medicare, Cost, 2023

Why Did Retirement Confidence Falter in 2023?

Aug 10, 2023 9:48:20 AM
written by The Retirement Group

In its annual Retirement Confidence Survey of current workers and retirees, the Employee Benefit Research Institute found that workers' confidence in their ability to fund retirement fell by the largest extent since the financial crisis of 2008, to levels not seen since 2018. Retirees' confidence also took a substantial hit. Overall, just 20% of respondents felt very confident they will be able to afford a comfortable retirement.


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posted in Financial Planning, Retirement, Cost, Inflation, 2023, Income

New College Cost Data for 2021-2022 Academic Year

Dec 6, 2021 1:20:26 PM
written by The Retirement Group

Every year, the College Board releases new college cost data and trends in its annual report. Although costs can vary significantly depending on region and college, the College Board publishes average cost figures, which are based on a survey of approximately 4,000 colleges across the country.


Over the past decade, average tuition, fee, room, and board costs have increased 11% at public colleges and 14% at private colleges over and above increases in the Consumer Price Index. Here are cost highlights for the 2021-2022 year.1


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posted in College, Cost, Academic

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