Medicare Part B Monthly Premium to Decrease in 2023

The Centers for Medicare and Medicaid Services recently released the 2023 premium and deductible amounts for Medicare Part B and there is good news. The standard monthly premium for Medicare Part B in 2023 will be $164.90 which is a decrease of $5.20 from 2022. The annual deductible will be $226 in 2023 which is a decrease of $7 from 2022.

What is Medicare Part B? This covers medically necessary services (services or supplies that are needed to diagnose or treat your medical condition and that meet accepted standards of medical practice) and preventive services (health care to prevent illness or detect it at an early stage, when treatment is most likely to work best). Clinical research, ambulance services, durable medical equipment, mental health (inpatient, outpatient, partial hospitalization) and limited outpatient prescription drugs are covered by Part B.

Why have these costs decreased? Lower-than-projected spending on Aduhelm (a drug for Alzheimer’s disease) and other Part B items have resulted in larger reserves in the Supplementary Medical Insurance Trust Fund Part B account. These reserves can now be used to limit future Part B premium increases.

Medicare Open Enrollment for 2023 is October 15th to December 7th. We are here to help you. Please call 516-319-2214 for help navigating Medicare.