Medicare program costs usually increase annually. However, 2023 is an exception. There are cost increases to benefits that you need to know about. This includes your Medicare Parts A & B Premiums and Deductibles and your Medicare Part D Income-Related Monthly Adjustment Amounts. These changes will go into effect on January 1, 2023.
How much is Medicare going up in 2023?
The Medicare Part A premium will increase in 2023
Most beneficiaries are fortunate not to pay a monthly premium for Medicare Part A. But if you worked for less than 40 quarters during your employment years, you’ll likely have to buy into Part A and pay some premium. The more quarters you worked and paid into the system, the less you’ll pay each month post-retirement.
Enrollees who worked between 30 and 39 quarters during your employment years, you’ll only have to pay a partial monthly premium of $278 for Medicare Part A in 2023. This is a $4 increase over the previous year’s partial premium.
If you worked less than 30 quarters, you’d have to pay the full premium of $506. This is a $7 increase over the previous year’s full monthly premium for Part A.
The Medicare Part A Deductible will increase in 2023
The new annual deductible for your Medicare coverage hospital benefits will cost you $1,600. Remember that you will pay your Part A deductible once per benefit period.
Inpatient Hospital Benefit Period Out of Pockets Costs will increase in 2023
If you’re checked into a hospital facility for inpatient care, you will start a “benefit period.” Once you’re discharged from a hospital or Skilled Nursing Facility (SNF), your benefit period expires 60 days later. A new benefit period starts if you must be admitted for more inpatient care after that.
Part A Deductible and coinsurance amounts for the 2023 calendar year will increase
- 0 – 60 days: $0
- 61 – 90 days: $400 per day
- 91 days and beyond: $800
Skilled Nursing Facility copayments will increase in 2023
If you require a temporary stay in a Skilled Nursing Facility, you’ll have to pay a daily coinsurance amount for your care. The first 20 days are free. On days 21-100, the copay will increase from $194.50 per day to $200 in 2023. Starting on day 101, you will pay for the total cost of your care until you’re discharged.
How much is Medicare going down in 2023?
The monthly Medicare Part B premium will decrease in 2023 to $164.90
In 2023, the standard monthly premium for Part B will decrease. The new monthly premium will be $164.90 per month. That’s an annual premium decrease of $5.20.
Those with a higher gross income will have an income-related monthly adjustment amount. If you make more than $97,000 on your tax return or have a joint tax return of more than $194,000, your Part B premium will range between $164.90 and $560.50, depending on your income bracket.
The Income Related Monthly Adjustment Amount is based on your income from two years prior.
| 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 in 2023 |
|---|---|---|---|
| $97,000 or less | $194,000 or less | $0.00 | $164.90 |
| $97,000 to $123,000 | $194,000 to $246,000 | $65.90 | $230.80 |
| $123,000 to $153,000 | $246,000 to $306,000 | $164.80 | $329.70 |
| $153,000 to $183,000 | $306,000 to $366,000 | $263.70 | $428.60 |
| $183,000 to $500,000 | $366,000 to $750,000 | $362.60 | $527.50 |
| $500,000 or above | $750,000 or above | $395.60 | $560.50 |
The monthly Medicare Part B deductible will decrease in 2023 to $226
In 2023, that price will increase to $226. Previously, the deductible was $233. That’s an annual deductible decrease of $7.
The deductible amount for Medicare Supplement high deductible plans will increase in 2023
The deductibles for Medigap high deductible options F, G & J, which offer beneficiaries low monthly premiums in exchange for a higher deductible, will increase from $2,490 to $2,700 in 2023.
How to get help with your Medicare costs in 2023
The Medicare program costs usually increase annually, but there is a cost increase exception for 2023. You should be aware of the changes that will take effect on January 1, 2023, so you can plan accordingly.
If you’re looking for quotes to help cover your Medicare costs, we have various options available to you. Give us a call or complete our online quote form to see supplemental plans available in your area.
