Every year the Medicare and You Handbook is printed and mailed out before the first of October to all Medicare beneficiaries to help guide them with Annual Enrollment (which goes from October 15 until December 7). The handbook states that at the time of printing, premiums and deductible amounts for Medicare Parts A, B, and D were not available.
Well, guess what? The 2023 Medicare Part A and B premiums and costs were released by the Centers for Medicare & Medicaid Services (CMS) on September 27!
The 2023 Medicare Part B premium and deductible have decreased by approximately $7. All other parts of Medicare such as Part A (in-patient hospital care) and Part D (prescription drugs) increased.
Here’s everything you need to know about Medicare costs and premiums for 2023.
2023 Medicare Parts A & B Deductibles & Premiums
Part A (In-patient Hospital)
The new 2023 Part A in-patient hospital deductible will be an increase of $44 from $1,556 in 2022 to $1600, for 2023.
The Part A deductible is not a once per year deductible. It starts over every 60 days. That’s 6 times per year.
Part A includes skilled nursing. The 2023 cost will be $0 for days 1-20 and $200 per day for days 21-100.
Part B (Medical)
The new 2023 Part B medical deductible will decrease from a $233 yearly deductible to $226, beginning January 1, 2023.
Medicare pays 80% of the Medicare-approved amount and you (as the Medicare beneficiary) pay the remaining 20% of that amount.
Medicare Part B has a new premium for 2023 which is a decrease of $5.20 from $170.10 in 2022 to $164.90, beginning January 1, 2023.
Those with an income that is higher than $97,000 as an individual or $194,000, married, will be paying more for Medicare Part B beginning January 1, 2023.
Part D (Prescription Drugs)
The initial Part D deductible will increase by $25 from $480 in 2022 to $505 in 2023.
The initial Part D coverage limit will increase by $230 from $4430 in 2022 to $4660 in 2023 (this is where the 2023 Donut Hole begins).
The Donut Hole (coverage gap) begins once you reach your Part D plan’s initial coverage limit at $4,660. It ends when you spend a total of $7,400 out-of-pocket in 2023 (when catastrophic coverage begins).
Part D enrollees will receive a 75% Donut Hole Discount on the total cost of their brand-name drugs purchased while in the Donut Hole. This includes a 70% discount paid by the brand-name drug manufacturer and a 5% discount paid by your Medicare Part D plan. The 70% paid by the drug manufacturer and 5% paid by Part D combined with the 25% you are responsible for, counts toward your Donut Hole exit point.
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