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Savings for Seniors: Lower Medicare Part B Premiums in 2023

Posted by Nina Whitehurst | Nov 10, 2022 | 0 Comments

For the first time in more than 10 years, Medicare Part B enrollees will see some of their costs decline. In an announcement issued by the Centers for Medicare and Medicaid Services (CMS), the agency outlined changes to the premium, deductible, and co-payment amounts for numerous Medicare costs taking effect in 2023.

  • Medicare Part B basic monthly premium = $164.90 = Savings of about $62 for the year
     
  • Medicare Part B annual deductible = $226 = Savings of $84 for the year
     
  • Other amounts, meanwhile, will rise slightly in 2023:
     
    • Medicare Part A deductible = $1,600 (up from $1,556)
    • Co-payment for hospital stay, days 61 to 90 = $400 per day (up from $389)  
    • Co-payment for hospital stay, days 91 and beyond = $800 per day (up from $778)
    • Co-payment for skilled nursing facility, days 21 to 100 = $200 per day (up from $194.50)

Note that beneficiaries with higher incomes pay higher monthly premiums. For further details, read the news release from CMS.

If you wish to make changes your coverage, Medicare's Open Enrollment Period will take place October 15 through December 7. 

 

About the Author

Nina Whitehurst

Attorney at Law Nina has been practicing law for over 30 years in the areas of estate planning, real estate and business law She is currently licensed in Alaska, Arizona, California, Colorado, Oregon and Tennessee. Her Martindale-Hubbell attorney rating is the highest achievable: 5 stars in peer...

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