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 Amount | Total Monthly Premium Amount |
| Less than or equal to $97,000 | Less than or equal to $194,000 | $0.00 | $164.90 |
| Greater than $97,000 and less than or equal to $123,000 | Greater 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 $153,000 | Greater 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 $183,000 | Greater than $306,000 and less than or equal to $366,000 | $263.70 | $428.60 |
| Greater than $183,000 and less than $500,000 | Greater than $366,000 and less than $750,000 | $362.60 | $527.50 |
| Greater than or equal to $500,000 | Greater 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 $97,000 | Less than or equal to $194,000 | $0.00 |
| Greater than $97,000 and less than or equal to $123,000 | Greater than $194,000 and less than or equal to $246,000 | 12.20 |
| Greater than $123,000 and less than or equal to $153,000 | Greater than $246,000 and less than or equal to $306,000 | 31.50 |
| Greater than $153,000 and less than or equal to $183,000 | Greater than $306,000 and less than or equal to $366,000 | 50.70 |
| Greater than $183,000 and less than $500,000 | Greater than $366,000 and less than $750,000 | 70.00 |
| Greater than or equal to $500,000 | Greater than or equal to $750,000 | 76.40 |
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