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How will the new Medicare changes affect you in 2023?

Medicare published some of the new Medicare costs for 2023. This includes the new part B premium and the Part B deductible. There is some good news; the new premium for part B will drop to $164.90 in 2023 ($170.10 in 2022), and the deductible for Part B will also decrease. 

Overview Medicare updates 2023

  • Part A premiums, deductibles, and coinsurance also increased in 2023.
  • Medicare’s Part B standard premium & deductible decreased for 2023.
  • Medicare’s Part B and D income brackets for high-income premium adjustments start at $97,000 for a single person,
    and the high-income adjustment amount for Part B and Part D decreased in 2023.
  • Beginning January 1, 2023, Medicare will offer a new benefit that helps you continue to pay for your immunosuppressive drugs beyond 36 months.

Medicare part B dropped in price!

Medicare Part B:
It covers services from doctors and other health care providers, certain home health services, and other medical and health services not covered by Medicare Part A. 
 
In 2023 the new standard monthly premiums for Medicare part B will be $164.90. The deductible for 2023 also decreased from $233 to $226. You will be paying this deductible if you have a Medicare supplement plan that doesn’t cover the deductible (for example, plans G & N).
How will the new Medicare changes affect you in 2023?


Medicare gave the following reasons for the price drop (CMS); there was lower spending than projected on part B services, which resulted in much larger reserves. The excess SMI (Supplementary Medical Insurance) reserves are passed along to people with Medicare Part B coverage (price drop). 

Medicare Part A:

Gives coverage for inpatient care in hospitals, skilled nursing facility care, hospice care, and home health care.
 
Deductible 
$1.600 (was $1,556  in 2022) for each inpatient hospital benefit period before Original Medicare starts to pay.

Inpatient stay
Days 1-60: $0 after you pay your Part A deductible.
Days 61-90: $400 copayment each day (was $389 in 2022).
Days 91-150: $800 copayment each day while using your 60 lifetime reserve days ($778 in 2022).
After day 150: You pay all costs.
.
Skilled nursing facility stay
Days 1-20: $0 copayment.
Days 21-100: $200 copayment each day (was $194.50 in 2022).
Days 101 and beyond: You pay all costs.
 
– source medicare.gov
How will the new Medicare changes affect you in 2023?

What about immunosuppressive drugs in 2023?

Starting in 2023, some Medicare enrollees who are past the 36th month of a kidney transplant are no longer eligible for full medicare coverage. Instead, they can elect to continue Part B coverage of immunosuppressive drugs by paying a premium. This premium will cost $97.10. Learn more about this on page 52. 

 These are the published changes so far; we will continue to update the blog when more information is released.

What can you do about these Medicare changes?

ANNUAL ELECTION PERIOD 2023

During the annual election period (AEP), Medicare plan enrollees can reevaluate their coverage and make changes, enroll or dis-enroll from the plan. Your changes will be effective on January 1, 2023.

Another Medicare plan might fit your needs better, so review your policy before your AEP ends. You only have seven weeks to make any changes for 2023

Click here to schedule a Medicare review.

Medicare Annual Enrollment Period (AEP) for 2023 will begin on October 15, 2022, and ends on December 7, 2022. 

 Medicare

First Look

2023

Schedule Here

To learn more about which changes you can make during AEP you can read our AEP blog by clicking here 

What can you do about these Medicare changes?

ANNUAL ELECTION PERIOD 2023

During the annual election period (AEP), Medicare plan enrollees can reevaluate their coverage and make changes, enroll or dis-enroll from the plan. Your changes will be effective on January 1, 2023.

Another Medicare plan might fit your needs better, so review your policy before your AEP ends. You only have seven weeks to make any changes for 2023

Click here to schedule a Medicare review.

Medicare Annual Enrollment Period (AEP) for 2023 will begin on October 15, 2022, and ends on December 7, 2022. 

 Medicare

First Look

2023

Schedule Here

To learn more about which changes you can make during AEP you can read our AEP blog by clicking here 

Medicare 101 Webinar

We also host an Educational Medicare 101 webinar every week.

During this webinar, you will:

  • Learn about how changes in the 99+ plans in your area will affect your next year by attending this Medicare Annual Election Period educational seminar.
  • How to decide whether a Medicare Supplement or Medicare Advantage Plan is right for you based on your needs.
  • How to avoid the top 7 reasons people overspend by thousands of dollars each year.
  • How to take advantage of specific rights & entitlements that protect you from overpaying
Sign up for Webinar
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