Medicare premiums and deductibles for Part A and Part B will decrease modestly in 2023, according to CMS (Centers for Medicare and Medicaid Services.) Standard monthly premiums for Part B will decrease $5.20, to $164.90 in 2023, down from $170.10 in 2022. Annual Part B deductible will also decrease from $233.00 in 2022 to $226, a reduction of $7.
The $5.20 monthly Part B premium reduction was welcomed as there was a big jump in Part B premiums in 2022. The CMS actuaries indicated that the 2022 Part B premium increase by $50 a month was Covid related. Such a large Part B premium increase was projected because of the increased emergency Medicare spending resulting from the COVID-19 pandemic. It seems we are now returning to a more normal cost stability for Medicare premiums and deductibles. The federal government also paid doctors and other Part B providers to offset the money they lost because many Medicare enrollees were postponing some routine and preventive care during the crisis.
Medicare Part B covers doctor visits and other outpatient services, such as lab tests and diagnostic screenings. Premiums for some Medicare enrollees will be higher than the standard because these monthly payments are based on income. Part B beneficiaries with annual incomes greater than $97,000 will pay more ($230.80 for individuals with incomes between $97,000 and $123,000, for example).
Remember, your Medicare Supplement plan (Plan F or G) will pay most if not ALL Part A and B deductibles and Co-pays. If you want to make sure you have the best Supplement Plan, just give us a call to review your coverage at 800-464-4941.