Lower Costs for Original Medicare Part B Coming in 2023

Part B Changes

The Centers for Medicare & Medicaid Services (CMS) stated on September 27, 2022, for the first time in over a decade, there will be a decrease in the standard Medicare Part B premium; it is falling from $170.10 in 2022 down to $164.90 in 2023. The Part B deductible for all Medicare Part B beneficiaries is also decreasing from $233 in 2022 to $226 in 2023. CMS also announced the premiums would drop for those Medicare beneficiaries who pay higher premiums due to their income. For example, a beneficiary filing an individual tax return with an income of $97,000 – $123,000 will pay a Medicare Part B Premium of $230 monthly. CMS estimates only about 7% of Medicare beneficiaries pay above the standard monthly premium.

Medicare Part B coverage includes doctors’ office visits, outpatient services at the hospital, some home health services, durable medical equipment, and certain other services not covered by Medicare Part A. Most Medicare beneficiaries have to pay the Part B premium regardless of whether or not they are enrolled in Original Medicare or a Medicare Advantage (Part C) plan. Some Medicare Advantage (Part C) plans cover the beneficiary’s monthly premium through a “giveback” benefit. Deductibles, however, vary across Medicare Advantage (Part C) plans.

Part A Costs

While most Medicare beneficiaries don’t pay a premium for Medicare Part A (which covers inpatient stays, skilled nursing facilities, hospice, and some home health), there is a deductible for each hospital stay. The deductible is increasing $44 in 2022 to $1,600 per stay in 2023. For Medicare beneficiaries who did not work long enough to qualify for premium-free Medicare Part A, the full premium will increase to $506 monthly in 2023. If someone has to pay the full premium is dependent on their or their spouse’s work history. For Medicare Advantage (Part C) plans, check with the plan for hospital charges.

To learn more about these changes, visit: https://www.cms.gov/newsroom/fact-sheets/2023-medicare-parts-b-premiums-and-deductibles-2023-medicare-part-d-income-related-monthly

For more information on your Medicare options or to set up a no-cost, no-obligation coverage review, contact Seniorstar Insurance Group at 732 658 5100  or click here to schedule an appointment.