What you need to know about Medicare Part B Premiums for 2023

 

Medicare just made a big announcement regarding their Part B Premiums for 2023. 

These standard premiums will drop by 3% next year. The monthly premium for Medicare Part B will reduce by $5.20 by 2023. This will also lower the deductible for Part B. 

The government made this announcement on Tuesday, September 27. Here’s more info about this incentive to share with your customers:

Thanks to Medicare Part B’s projected spending on Aduhelm, a medication to battle the onslaught of Alzheimer’s, the premium for this program dropped more than expected. Medicare spent less than expected on Aduhelm, meaning they could spend more on Part B, which in turn led to a reduction in 2023 premiums. 

Medicare Part A, on the other hand, raised its deductible per benefit period, which starts upon admission to a hospital, to $1,600 in 2023, from its current amount of $1,556. This amount applies to the first 60 days of inpatient hospital care. 

After the 61st day and through the 90th day, however, coinsurance will cost at least $400 a day. The price of coinsurance will go up by $11 from the current amount this year.

Moreover, IRMAAs are effective in January as well, for individuals with a gross income of over $97,000. Those filing jointly must expect an extra monthly charge if their net income is over $194,000 instead of 2022’s ceiling of $182,000.

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