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Medicare Changes in 2023

January 8, 2023 by bob

On September 27, 2022, the Centers for Medicare & Medicaid Services (CMS) released the 2023 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs, and the 2023 Medicare Part D income-related monthly adjustment amounts.

Medicare Part B Premium and Deductible

Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Part A. 

Each year the Medicare Part B premium, deductible, and coinsurance rates are determined according to the Social Security Act. The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022. The annual deductible for all Medicare Part B beneficiaries is $226 in 2023, a decrease of $7 from the annual deductible of $233 in 2022.

Part A Deductible

You must pay a Part A deductible for each hospital admission. That amount will be $1,600 in 2023, an increase of $44 over 2022.

Part A Premiums

Part A continues to be free if you paid Medicare taxes for 10 years or more. If you worked and paid Medicare taxes for less than 7.5 years, you’ll pay $506 per month for Part A in 2023, up from $499 a month in 2022. If you paid Medicare taxes for at least 7.5 years but less than 10 years (30 to 39 quarters), you’ll pay $278 a month for Part A in 2023, an increase from $274 in 2022.

Changes with Part D

If you have drug coverage through a Part C (Medicare Advantage) or Part D plan, you’ll see two important cost and benefit changes for 2023:

  • You’ll pay no more than $35 per month for certain types of insulin.
  • Vaccines recommended by the Advisory Committee on Immunization Practices (ACIP) will be free, including the shingles vaccine.

Medicare Part B Income-Related Monthly Adjustment Amounts

Since 2007, a beneficiary’s Part B monthly premium is based on his or her income. These income-related monthly adjustment amounts affect roughly 7 percent of people with Medicare Part B.

The 2023 Part B total premiums for high-income beneficiaries with full Part B coverage are shown in the following table:

Full Part B Coverage
Beneficiaries who file individual tax returns with modified adjusted gross income:Beneficiaries who file joint tax returns with modified adjusted gross income:Income-Related Monthly Adjustment AmountTotal Monthly  Premium Amount
Less than or equal to $97,000Less than or equal to $194,000$0.00$164.90
Greater than $97,000 and less than or equal to $123,000Greater than $194,000 and less than or equal to $246,000$65.90$230.80
Greater than $123,000 and less than or equal to $153,000Greater than $246,000 and less than or equal to $306,000$164.80$329.70
Greater than $153,000 and less than or equal to $183,000Greater than $306,000 and less than or equal to $366,000$263.70$428.60
Greater than $183,000 and less than $500,000Greater than $366,000 and less than $750,000$362.60$527.50
Greater than or equal to $500,000Greater than or equal to $750,000$395.60$560.50


Part D IRMA
Beneficiaries who file individual tax returns with modified adjusted gross income:Beneficiaries who file joint tax returns with modified adjusted gross income:Income-related monthly adjustment amount
Less than or equal to $97,000Less than or equal to $194,000$0.00
Greater than $97,000 and less than or equal to $123,000Greater than $194,000 and less than or equal to $246,00012.20
Greater than $123,000 and less than or equal to $153,000Greater than $246,000 and less than or equal to $306,00031.50
Greater than $153,000 and less than or equal to $183,000Greater than $306,000 and less than or equal to $366,00050.70
Greater than $183,000 and less than $500,000Greater than $366,000 and less than $750,00070.00
Greater than or equal to $500,000Greater than or equal to $750,00076.40

What changes are coming to Medicare in 2023?

In 2023, there are notable changes to Medicare Part A and Part B premiums and deductibles.

Other changes include cost limits on certain insulin products for all Medicare Part C and Part D plans, free vaccines covered under Medicare Part D and a new Part B benefit that extends coverage after a kidney transplant for anti-rejection drugs.

Being aware of these changes can help you select the best Medicare plan for your needs, whether you’re new to Medicare or want to switch plans during a Medicare open enrollment period. Contact our Medicare support services team in Denton, Texas at 940-382-4700

 

Category iconMedicare Insurance,  Uncategorized

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