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.
We are still in the hole just like the 8 years of Hussein Obama.
Remember that whole big $1 we got for COLA his last year and ZERO COLA RAISES for most of his term while he Lied the whole time saying how great the economy is.
Major INSULT.
Now, another Major INSULT from DICTATOR Beijing biden and his CONTINUOUS INFLATION. 8.7% increase does not even cover the INFLATION from last year let alone last month.
Looks like the Gestapo spies have been reading their “opposition” comments on conservative sites…specifically comments after it was announced that the Social Security COLA would be 8.7% starting 2023. Many commented that most of the COLA gain would be wiped out by an increased Medicare Part B fee, like it was in 2022. 2022 SS COLA raise was 5.9%, BUT was all but erased when $144.50 Part B fee was RAISED to $170.50! So many damning comments…what to do, what to do…I know, usher in yet another vote-buy …let the peasants keep their COLA, they’ll vote D, right?
FYI you stinky commie D traitors, not gonna bite, still voting straight R. But thanks for allowing us to not only keep 2023 COLA, but add a few bucks to it. Unfortunately, due to a stolen election and the fraud puppet/cabal that CREATED out-of-control inflation with deliberately disastrous regs, EOs and policy, especially ending and crippling booming energy production and ginning up the Ukraine war, it’s a drop in the bucket.
Medicare Costs going down a slight amount? SO WHAT! We have ZERO MONEY to PURCHASE FOOD MUCH LESS MEDICAL COVERAGE! Most seniors have not visited any DOCTOR’s office in over 18 months, just to save their OWN LIVES!
WHY SHOULD WE TRUST DOCTORS NOW????? Even young kids are dropping dead from the JABS, and all of the BIDEN LOVERS are still pushing those jabs for every age, BABIES ON UP!
HOW STUPID DO THE DEMO/NAZIS THINK WE ALL ARE? Oh, they have MILLIONS of JAB NEEDLES LEFT OVER??? TRY TAKING THOSE JABS IN THE ARM YOUSELVES! When 3 MILLION of YOU have DROPPED DEAD, then come back, and we’ll talk about your new/updated plan to kill all of us.
Well geez! Announced just before the midterm election. Just another game played, with our money, by the demmunist/commucraps to garner votes. What, other than abortion & trying to lynch President Trump via their kangaroo Jan. 6th court, can they really run on?
STAY WELL, SAFE, FREE & BRAVE!
Another reason for the reduced costs? Are Rx drug costs increasing since most of my Prescriptions appear to be anywhere from 10-20% higher than what they are this year in the newly quoted Advantage plans. One way or the other the costs for elderly care will be higher, that’s a guarantee!
One needs to ask WHY Medicare B spending went down in the past year? I have a few thoughts WHY: reduced number of seniors thanks to Covid, seniors not going to doctors out of fear of how patients are treated because of Covid.