2023 Medicare Premiums And Deductibles
Medicare Part A and Part B premiums, deductibles, and coinsurance amounts, as well as Medicare Part D income-related monthly adjustment amounts, for 2023 were all made public by CMS on September 27, 2022.
Medicare Part B Premium and Deductible
Services rendered by physicians, hospital outpatient departments, some home health care, medical equipment, and other services not covered by Medicare Part A are mostly covered by Medicare Part B.
Premium, deductible, and coinsurance amounts for Medicare Part B are reset annually in accordance with the Social Security Act. In 2023, Medicare Part B enrollees will pay a standard monthly premium of $164.90, down $5.20 from the 2022 rate of $170.10. The Medicare Part B deductible in 2023 is $226, down from $233 in 2022.
With the introduction of the expensive new drug Aduhelm, the Part B premium for 2022 included a safety margin to cover any unexpected costs. Part B premium increases may be mitigated by the increased reserves in the Part B account of the Supplementary Medical Insurance (SMI) Trust Fund, which were created by lower-than-expected spending on Aduhelm and other Part B items and services. CMS recommended in a May 2022 report that excess SMI reserves be passed along to people with Medicare Part B coverage, which is why the premium will decrease in 2023.
Beginning in 2023, Medicare recipients who have had a kidney transplant for more than 36 months but are no longer eligible for full Medicare coverage may pay a premium to continue Part B coverage of immunosuppressive drugs. The price increase for immunosuppressant drugs in 2023 is $97.10.
Compare Medicare Plans in Your Area
Medicare Part A Premium and Deductible
Part A of Medicare pays for hospital stays, nursing home care, hospice care, inpatient rehabilitation, and limited home health care. With at least 40 quarters of Medicare-covered employment, nearly all Medicare beneficiaries (99 percent) are exempt from paying a Part A premium.
With an increase of $44, the Medicare Part A inpatient hospital deductible that patients must pay if admitted to the hospital in 2023 will be $1,600. The Medicare Part A inpatient hospital deductible applies to the beneficiary’s portion of the cost of inpatient hospital care for the first 60 days of service within a benefit period. Coinsurance amounts for the 61st through 90th day of a hospitalization in a benefit period will be $400 in 2023 ($389 in 2022) and $800 in 2023 ($778 in 2022), respectively. In 2023, the daily coinsurance for extended care services for beneficiaries residing in a skilled nursing facility will be $200.00 ($194.50 in 2022).
Voluntary Medicare Part A enrollment is subject to a monthly premium for beneficiaries aged 65 and up who have less than 40 quarters of coverage and for certain individuals with disabilities; however, beneficiaries who have at least 30 quarters of coverage or who were married to someone who has at least 30 quarters of coverage may enroll at a reduced monthly premium rate of $278 in 2023, an increase of $4 from 2022. In 2023, the full premium will be $506 per month, an increase of $7 from 2022, for certain uninsured elderly individuals with less than 30 quarters of coverage and certain individuals with disabilities who have exhausted other entitlement.
Medicare Part B Income-Related Monthly Adjustment Amounts
Beginning in 2007, a Medicare recipient’s monthly income has been used to calculate the amount of the Part B premium he or she must pay. About 7 percent of Medicare Part B enrollees have to pay these income-related monthly adjustment amounts.
Compare Medicare Plans Now
Medicare Part A Premium and Deductible
If you have any questions, you can contact a Medicare Health Plan Specialist at 877-413-1556.