I heard that the Medicare Part B deductible and premium have gone down for 2023. Is that the correct information, or did I get bad information on the internet?
No, you didn’t get bad information on the internet! Yes! Medicare Part B deductibles and premiums have gone down for 2023 – which rarely happens. The last time anything close to this happened was over a decade ago. Medicare Part B costs usually increase yearly, but they are definitely reducing the premiums and deductibles for Medicare Part B in 2023.
In September of this year (2022), the CMS – Centers for Medicare & Medicaid Services – released the new premium amounts for Medicare Part A, Medicare Part B, and Medicare Part D for 2023, along with the income-related monthly adjustment amounts.
Here’s the information you need to know about the upcoming changes and the amount of money you could save on your premiums next year!
Medicare Part B Premium and Medicare Part B Deductible for 2023
Medicare Part B premiums, deductibles, and insurance rates are determined based on the Social Security Act. The standard monthly premium for Medicare Part B participants will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022. In addition, the annual deductible for all Medicare Part B beneficiaries is $226 in 2023. This decreases $7 from the yearly deductible of $233 in 2022.
Because the 2022 premium included margins that covered projected Part B spending for a new drug, Aduhelm, there is now lower-than-projected spending on Aduhelm and other Part B items and services, resulting in significant savings in Medicare Part B account of its Trust Fund. In addition, the decrease in the 2023 Part B premium coincides with the CMS recommendation from May, reporting that excess SMI reserves can be transferred to participants with Medicare Part B insurance coverage.
Medicare Open Enrollment and Medicare Savings Programs for 2023
Medicare Annual Election Period (AEP), also called Open Enrollment for 2023, starts on October 15, 2022, and finishes on December 7 of this year. Suppose you’re already on Medicare and have a Medicare Advantage plan or a Medicare Part D Prescription Drug Plan (PDP). In that case, this is the time of the year you can switch your coverage. Anyone eligible for Medicare can compare 2023 coverage options with Medicare options.
This is also the time of year when Medicare releases premiums and additional cost-sharing information, showing Medicare insurance options for the upcoming year. Make sure to check your 2023 Medicare benefits in the Annual Notification of Change (ANOC) your insurance company sends you so that you are properly covered to decide which Medicare Insurance options are right for you and your spouse. In addition, you’ll want to make sure your healthcare needs match the insurance options available to you in your area.
I hope this helps!
To your health,
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Author Bio Matt Feret is the author of the Prepare for Social Security -The Insider’s Guide and the Prepare for Medicare – The Insider’s Guide book series and launched PrepareforSocialSecurity.com to help people get objective answers to questions about Social Security and Medicare. Matt is also the host of The Matt Feret Show. He has held leadership roles at numerous Fortune 500 Medicare health insurers in sales, marketing, operations, product development, and strategy for over two decades.