Medicare Part B Premiums 2023
The Centers for Medicare & Medicaid Services or CMS, has just officially announced the Medicare Part B Premium and deductible for 2023.
So this was a bit earlier than expected. Medicare just released the 2023 premiums, deductibles, and coinsurance amounts for Medicare Part A and Medicare Part B.
What You Can Expect To Pay in 2023
I’m going to go over the amounts you can expect to pay in 2023. We’ll cover Medicare Part B, Medicare Part A and Medicare Part D costs.
Medicare Part B
Medicare Part B covers medical services such as doctor visits, lab work, tests, outpatient hospital services, home health care, durable medical equipment and preventive care services.
The Medicare Part B premium in 2023 is decreasing by $5.20 to bring the total Part B cost to $164.90 per month, down from the $170.10 per month in 2022.
We were hoping for a little bit more of a reduction in the Part B premium, but glad at least there was no increase.
Income Related Monthly Adjustment Amount (IRMAA)
People with higher incomes may have to pay more their Part B and Part D monthly premiums, and this is a monthly adjustment called IRMAA.
Medicare Part B Premiums and Deductibles
Medicare increased the Part B premium in 2022 to cover additional contingency reserves for Part B spending on a new Alzheimer’s drug called Adulhem.
But the spending ended up being lower than projected on that drug and other Part B services. Now they have enough reserves to limit future Part B premium increases.
The Part B deductible is also going to be lower in 2023 to $226 per year which is down $7 from the $233 annual deductible in 2022.
Medicare Supplements and Part B Costs
With Medicare Supplement Plan G or Plan N then you’ll be responsible to pay this deductible first every year before Medicare and your Supplement starts to pay.
The deductible is still low when you compare it to the out of pocket costs you could have with other types of Medicare plans.
What Is Medicare Part A
Medicare Part A covers inpatient hospital care, skilled nursing facilty stays, lab tests, surgery and home health care.
Medicare Part A Premiums and Deductibles
In 2023, for Medicare Part A, the premium for most people (if you worked at least 40 quarters) will be $0. If you have to buy Part A, the premium could be up to $506 per month, compared to $499 in 2022
The Part A hospital deductible is $1600 which is up from $1556 in 2022. This Part A deductible applies to each benefit period. This benefit period starts when you enter the hospital. It ends when you are out of the hospital for 60 days in a row.
The Part A Coinsurance for days 61 – 90 is $400 per day which is up from $389 in 2022. Coinsurance for days 91 and beyond is $800 per day up from $778 in 2022.
Medicare Supplements and Part A Costs
If you have a Medicare Supplement plan such as Plan G or Plan N, the Part A costs are covered.
With a Part C Medicare Advantage PPO or HMO plan then the out of pocket costs can vary.
Find out if you qualify for any assistance in paying for some of these Medicare costs. To find the best Medicare Supplement plan that will work for your situation, then please call us, at (800) 783-5901. Our service is 100% free and we’re happy to help you.