The Centers for Medicare and Medicaid Services (CMS) has recently published the 2023 Medicare premium and deductible costs and there’s a modicum of good news for anyone who’s paying the Part B premium.
This year’s basic Part B premium, a record-high $170.10, will be reduced in the new year and will now cost the relatively low $164.90 a month. The annual deductible for Part B also drops a marginal amount from 2022’s $233 to $226. Those with higher incomes, who therefore have to pay higher premiums, will also see similar reductions in their premium payments. Those at the highest end, individuals with modified adjusted gross income of $500,000 or more, will be able to set aside an extra $17.80 each month towards the purchase of their next yacht, as premiums will come in at $560.50 a month.
The reduction in the premiums appears to have come about due to projected costs that turned out to be lower than expected, and the modest savings have been passed on to the consumers.
Medicare Part A deductibles will be going up as will co-insurance payments for any hospital stays over 60 days. The deductible is increasing by $44 to $1,600; daily co-insurance payments during days 61-90 of a hospital stay will increase to $400; and if you have to stay even longer (up to another 60 days) that daily fee goes up to $800, which will give you a strange sense of nostalgia for the good old days of 2022 when it only cost $778 a day.
Here’s where you can read the full CMS announcement: 2023 Medicare Parts A & B Premiums and Deductibles 2023 Medicare Part D Income-Related Monthly Adjustment Amounts | CMS