Medicare Cost 2023: Part B Premium and Deductible Decrease
Medicare Cost 2023
Medicare just released its 2023 Part B premium and deductible costs. Great news! In 2023, your Medicare Part B costs will actually decrease. Also new in 2023, improved Part B immunosuppressive drug coverage will be available.
However, your Medicare Part A premium, deductible and coinsurance for hospitals and skilled nursing facilities will increase in 2023.
Let’s find out all there is to know about Medicare cost increases and decreases in 2023.
What Are My Medicare Part A Costs for 2023?
If you worked fewer than 40 quarters in your lifetime, you’ll pay a monthly Medicare Part A premium for hospital inpatient coverage. Beneficiaries who worked at least 30 quarters or were married to someone who worked at least 30 quarters may buy into Part A at a discounted price of $278 in 2023. This is a $4 increase from 2022.
Starting Jan. 1, 2023, the Medicare Part A full premium will be $506, or $7 more from 2022.
Those who worked 40 or more quarters have earned the full premium and pay $0 for Part A.
Hospital Deductible and Coinsurance
The 2023 hospital deductible has also increased. If a doctor admits you as an inpatient, the Medicare Part A deductible will be $1,600, a $44 increase from 2022. The hospital deductible covers your first 60 days in a Medicare-approved hospital.
Between hospital inpatient days 61 thru 90, Medicare Part A coinsurance costs $400 per day ($11 more from 2022). After 90 days, coinsurance doubles to $800 per day (a $2 increase from 2022) for lifetime reserve days. After 150 days of inpatient care, you pay all costs.
Skilled Nursing Facilities
Skilled Nursing Facilities (SNF) are where you receive skilled nursing or therapy to treat hospital-related medical conditions. An example of this might be if you have a knee replacement and require post-surgery physical therapy.
Medicare Part A pays for the first 20 days in an SNF. For days 21 to 100, the cost of an SNF will increase by $5.50 and cost you $200 per day in 2023. Beyond 100 days, you may pay all costs.
What Are My Medicare Part B Costs for 2023?
Medicare Part B covers outpatient medical services or equipment. You may be required to pay the Part B annual deductible, which will decrease by $7 — from $233 in 2022 to $226 in 2023. The Part B standard premium will also cost you less in 2023. Part B monthly premiums will decrease by $5.20 — from $170.10 in 2022 to $164.90 in 2023.
The Part B premium is based on the modified adjusted gross income (MAGI) reported on your IRS tax returns from two years ago. In 2023, you can earn more income and still qualify for the Part B standard premium.
You will pay a higher 2023 Part B premium if your 2021 MAGI was more than:
$97,000 filing an individual tax return or married and filing separately — an increase of $6,000 from 2022
$194,000 when married and filing a joint tax return — a $12,000 increase from 2022
In 2021, if your MAGI was at least $97,000 individually or $194,000 married filed jointly, you will pay more than the $164.90 standard premium. Refer to the premiums chart to find the amount you will pay each month.
Part B Immunosuppressive Drug Coverage Only
Beneficiaries who want immunosuppressive drug coverage can pay an additional monthly premium of $97.10 in 2023.
The MAGI brackets are the same as the Part B premiums chart. However, the monthly amount you pay is less. Check out the chart below to find the amount you will pay each month.
If you need more assistance understanding your Medicare coverage costs, the licensed agents at Senior Healthcare Direct can help. Call 1-833-463-3262, TTY 711, or click here to get your quote.
LEGAL DISCLAIMER: The above is meant to be strictly educational and not intended to provide medical advice or solicit the sales of an insurance product or service of any kind.