Earlier this week, the Centers for Medicare & Medicaid Services released the 2023 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs, and the 2023 Medicare Part D income-related monthly adjustment amounts (or “IRMAA”).

Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and certain other medical and health services not covered by Medicare Part A.

Each year the Medicare Part B premium, deductible, and coinsurance rates are determined according to the Social Security Act. The standard monthly premium for Medicare Part B enrollees will be $164.90 for 2023, a decrease of $5.20 from $170.10 in 2022. The annual deductible for all Medicare Part B beneficiaries is $226 in 2023, a decrease of $7 from the annual deductible of $233 in 2022.

Medicare health and drug plan costs and covered benefits can change from year to year, so people with Medicare should look at their coverage choices annually and decide on the options that best meet their health needs.

Medicare Open Enrollment for 2023 will begin on October 15, 2022 and ends on December 7, 2022. During this time, people eligible for Medicare can compare 2023 coverage options between Original Medicare, and Medicare Advantage, and Part D prescription drug plans.

The decrease in Part B premiums for 2023 is some good news for Social Security beneficiaries, who will likely receive one of the highest cost-of-living adjustments (“COLA”) in the program’s history in 2023.

The official Social Security COLA for 2023 is scheduled to be announced on October 13, when the Bureau of Labor Statistics releases CPI inflation data for September.

Do you have questions about Social Security or Medicare? Contact us today to learn how a Certified Financial Planner® professional can help guide you, answer your financial questions, and plan for a secure financial future.