2023 Medicare Updates: Premiums, Deductibles, and Enrollment Information
Medicare 2023 Updates .On September 27, 2022, the Centers for Medicare and Medicaid Services (CMS) unveiled the 2023 premiums, deductibles, and coinsurance amounts for Medicare Parts A and B programs, as well as the 2023 Medicare Part D income-related monthly adjustment amounts. Let’s dive into the key updates and what they mean for Medicare beneficiaries.
Medicare Part B: Premiums and Deductibles
Medicare Part B covers a wide range of medical services, including:
- Physician services
- Outpatient hospital services
- Certain home health services
- Durable medical equipment
- Other medical and health services not covered by Medicare Part A
2023 Premium and Deductible Changes
Good news for Medicare beneficiaries! The standard monthly premium and annual deductible for Medicare Part B enrollees will decrease in 2023.
Standard Monthly Premium
- 2023: $164.90
- 2022: $170.10
- Decrease: $5.20
Annual Deductible
- 2023: $226
- 2022: $233
- Decrease: $7
Reasons for the Decrease
The 2023 premium reduction can be attributed to two main factors:
- Lower-than-projected spending on Aduhelm, a new drug included in the 2022 premium calculations.
- Reduced spending on other Part B items and services.
Consequently, the Part B account of the Supplementary Medical Insurance (SMI) Trust Fund now has larger reserves. CMS has recommended using these excess reserves to limit future Part B premium increases, resulting in the 2023 premium decrease.
New Coverage Option for Kidney Transplant Recipients
Starting in 2023, Medicare introduces a new coverage option for certain enrollees who are 36 months post kidney transplant. These individuals, who are no longer eligible for full Medicare coverage, can now elect to continue Part B coverage of immunosuppressive drugs by paying a premium. For 2023, this immunosuppressive drug premium is set at $97.10.
Medicare Open Enrollment for 2023
Mark your calendars! The Medicare Open Enrollment period for 2023 runs from October 15, 2022, to December 7, 2022. During this crucial time, Medicare-eligible individuals can compare and choose between various coverage options:
- Original Medicare
- Medicare Advantage
- Part D prescription drug plans
Why Annual Review Matters
It’s essential to review your Medicare coverage options every year because:
- Medicare health and drug plan costs can change annually
- Covered benefits may vary from year to year
- Your health needs may have changed
By examining your options during the Open Enrollment period, you can ensure that you select the coverage that best meets your current health needs and financial situation.
Medicare Savings Programs: Financial Assistance for Low-Income Beneficiaries
For low-income seniors and adults with disabilities, the Medicare Savings Programs (MSPs) offer valuable financial assistance to help manage Medicare costs.
Benefits of Medicare Savings Programs
MSPs can help eligible individuals by:
- Paying Medicare premiums
- Potentially covering Medicare deductibles, coinsurance, and copayments
The Impact of MSPs
By enrolling in an MSP, eligible beneficiaries can:
- Access high-quality health care at a reduced cost
- Allocate saved money to other essential needs like food, housing, or transportation
Enrollment Gap
Despite the significant benefits, only about half of the eligible individuals are currently enrolled in MSPs. If you think you might qualify, don’t hesitate to explore these programs and apply for assistance.
Conclusion: Stay Informed and Take Action
As we approach the 2023 Medicare year, it’s crucial to stay informed about these changes and take advantage of the opportunities they present. Whether it’s benefiting from lower Part B premiums, exploring new coverage options, or seeking financial assistance through Medicare Savings Programs, taking an active role in your healthcare decisions can lead to better coverage and potential cost savings.
Remember to review your Medicare options during the Open Enrollment period and consider seeking assistance if you’re struggling with Medicare costs. Your health and financial well-being are worth the effort!
Your guide to switching coverage after enrollment
People with Medicare interested in learning more can visit: https://www.medicare.gov/your-medicare-costs/get-help-paying-costs/medicare-savings-programs.
