CMS released the 2023 Medicare Premium and Deductible amounts on September 27. There’s some good news for Medicare costs with decreases in premiums and deductibles for 2023.
Also, good news, they released this information much earlier than usual, so everyone can prepare going into the Annual Enrollment Period Oct 15 though Dec 7 knowing what 2023 Medicare Parts A and B costs will be. In this video, we’ll go through the new numbers and how they affect you.
Confused about your Medicare coverage options? Watch our free video: How to Find the Best Medicare Coverage Without Paying More Than You Need To…
Medicare Part B Premium & Deductible
In 2022, the Part B premium for most people is $170.10 per month. For 2023, that is decreasing to $164.90 per month, which is a decrease of $5.20 per month.
If you have higher income, a here is a link to the IRMAA charts for both Parts B and D for 2023. Remember, Medicare bases these amounts off your tax returns from two years ago.
If your income has gone down in the last two years, you can appeal your IRMAA decision using more current financial information. Here is a link to the appeal form. Many of our clients have successfully appealed and gotten those IRMAA charges reduced or eliminated.
New for 2023, if you are 36 months past a kidney transplant, you can elect to remain on Medicare Part B for coverage of immunosuppressive drugs, even though you aren’t eligible for full Medicare benefits anymore. That monthly premium is $97.10. More information on that benefit is available here.
The Medicare Part B annual deductible is also decreasing from $233 in 2022 to $226 in 2023.
Why did your Part B costs go down for 2023?
From 2021 to 2022, Medicare Part B had its largest premium increase in history. Much of that was due to anticipated spending on the new Alzheimer’s drug, Aduhelm. Spending on that drug and other Part B services was not as high as projected, so Medicare is lowering that Part B premium for 2023.
Medicare Part A 2023 Costs
Most people do not have to pay a monthly premium for Medicare Part A, which is inpatient insurance. Medicare Part A was paid for with your FICA taxes if you worked and paid those taxes for at least 10 years.
Medicare Part A does have inpatient deductibles and coinsurance amounts, which are shown here. The Part A deductible is going up to $1,600 for 2023. The per day hospital and skilled nursing facility coinsurance amounts are increasing as shown.
Annual Enrollment Period
the Annual Enrollment Period is coming up October 15 through December 7. That’s the time you can change your Medicare Part D or Medicare Advantage plans. The AEP does not apply to Medicare Supplements, Plan G, Plan N, High Deductible Plan G, and so on. For more information on what coverage changes you can make during the Annual Enrollment Period, please see the video linked here.
Have Medicare Questions? We Can Help!
For answers to your specific Medicare questions and to objectively compare all available Medicare plans where you live, please feel free to call our office at 877-312-1414 or schedule a free, no obligation Medicare plan consultation.
Our services are always free and enrolling through our office does not increase the cost of any insurance.
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