The Centers for Medicare and Medicaid Services just made one of their most important announcements of the year! 2023 premiums, deductibles, and coinsurances for Medicare Part A and Part B programs are listed below.
The standard monthly premium for Medicare Part B enrollees will be $164.90 in 2023.
|Part B (Outpatient Medical Insurance)||2023 Cost||Difference from 2022|
|Part B Premiums for those with incomes below $97,000 if single, $194,000 if married*||$164.90||-$5.20|
More about Part B:
Original Medicare Part B (also known as Medical Insurance) covers outpatient hospital / emergency room visits, some preventative care, and physician services. The Part B Monthly Premium in 2023 will be $164.90, which is a decrease of $5.20 from 2022.
This monthly premium is automatically deducted from your social security benefits or railroad retirement board. If you don’t get these benefit payments, your Part B premium is billed.
The Part B annual deductible will be $226 in 2023, which is a decrease of $7 from 2022. After your deductible is met, you typically pay 20% of the Medicare-approved amount for most doctor services (including most doctor services while you’re a hospital inpatient), outpatient therapy, and Durable medical equipment (DME).
The 2022 premium included a contingency margin to cover projected Part B spending for a new drug, Aduhelm. Lower-than-projected spending on both Aduhelm and other Part B items and services resulted in much larger reserves in the Part B account of the Supplementary Medical Insurance (SMI) Trust Fund, which can be used to limit future Part B premium increases. The decrease in the 2023 Part B premium aligns with the CMS recommendation in a May 2022 report that excess SMI reserves be passed along to people with Medicare Part B coverage.
*Medicare Advantage Plans and Medicare Prescription Drug Plans are unaffected by this.
The standard annual deductible for Medicare Part A beneficiaries will be $1,484 in 2023.
|Part A (Hospital Insurance)||2023 Cost||Difference from 2022|
|Daily Coinsurance||$0 for days 1-60 / $400 for days 61-90 / $800 for days 90-150||$0|
|Skilled Nursing Facility Copayment||$200||+$5.50|
|Part A Premiums for those with fewer than 30 quarters of Medicare-covered employment||$506 / Month||+$7|
|Part A Premiums for those with 30-39 quarters of Medicare-covered employment||$278 / Month||+$4|
More about Part A:
Original Medicare Part A (also known as Hospital Insurance) covers inpatient hospital care, skilled nursing and home health care. The annual deductible for Part A will be $1,600, an increase of $44 from 2022.
This deductible covers beneficiaries’ share of costs for the first 60 days of inpatient hospital care in a benefit period.
For more information on the 2022 Medicare Parts A and B premiums and deductibles (CMS-8080-N, CMS-8081-N, CMS-8082-N), please visit:
Source: Centers for Medicare & Medicaid Services, 2023 Medicare Parts A & B Premiums and Deductibles 2023 Medicare Part D Income-Related Monthly Adjustment Amounts, Sept. 27, 2022.
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