New 2023 Medicare Costs: Not What You Would Expect
From the grocery store to the gas station, prices are soaring everywhere. As inflation hits record highs our pockets are wearing thin. But there’s one ray of hope in today’s ever-expensive world – some Medicare costs are decreasing in 2023.
This week, the Centers for Medicare and Medicaid Services (CMS) announced the 2023 fees for Original Medicare, and Part B expenses will be decreasing. What caused this decrease? In short, Part B spending was lower than projected this year and now these savings are being passed along to Medicare beneficiaries (CMS.GOV).
Now, these savings are not going to put a significant amount of money back in your wallet, but they are comparable to what you are already setting aside for Medicare.
Here’s what to expect for 2023:
Medicare Part A is still premium-free for most people. If you must purchase Part A your new premium for 2023 will be either $278 or $506 a month, depending on your situation. The new inpatient hospital cost-sharing amounts for 2023 are as follows:
|Inpatient hospital deductible per benefit period||$1,600|
|Daily coinsurance for days 61-90||$400|
|Daily coinsurance for lifetime reserve days||$800|
|Skilled Nursing Facility coinsurance for days 21-100||$200.00|
The standard Part B premium will be $164.90 per month in 2023, this is down from $170.10 in 2022. The Part B deductible will be $226 in 2023, which will give beneficiaries a $7 savings.
If you qualify for Medicare due to End Stage Renal Disease (ESRD) there is another change that will benefit you. Currently, if you are not eligible for Medicare otherwise, once you receive your kidney transplant and are 36 months post-transplant, your Medicare benefits would end. Starting in 2023, you can choose to continue Part B coverage of immunosuppressive drugs by paying a standard monthly premium of $97.10. This fills a huge gap in coverage for those who require these lifesaving drugs.
Be sure to make yourself familiar with these new costs so you are not surprised when the amounts change next year. As always, AMAC is here to keep you up to date with all things Medicare!
PS: The Annual Enrollment Period begins October 15th and ends December 7th. This is your time to ask a licensed AMAC Medicare Advisor the questions that matter to you the most and find coverage that meets your individual needs.
For help with Medicare plans – or any questions you may have about Medicare – contact AMAC’s Medicare Advisory Service at 1-855-611-4856 or request a call below.