UNITED STATES—Hello Toni: I have recently enrolled in Medicare and received my 2023 Medicare and You handbook and cannot find what the 2023 Medicare costs will be? Do you have any idea what the new Medicare costs are? Thank You, Sarah from San Antonio, TX.
Hello Sarah: The 2023 Medicare Part B premium and deductible have decreased by approximately $7. All other parts of Medicare such as Medicare Part A which is in-patient hospital care and Medicare Part D prescription drug plan increased.
Every year the Medicare and You handbook is printed and mailed out before October 1 to all Medicare beneficiaries to help guide them with the Medicare Annual Enrollment period which ends December 7.
The handbook states that at the time of printing that the premiums, and deductible amounts for Medicare Part A, Part B and Part D were not available.
Guess what? The 2023 Medicare Part A and B premiums and costs released by CMS (Medicare) on Tuesday, September 27, with a nice Medicare Part B premium and deductible decrease of approximately $7. I have included the 2023 Medicare Part A, B and D premiums and costs:
2023 Medicare Parts A & B Premiums and Costs:
- Part A Costs (Inpatient Hospital): The new 2023 Part A inpatient hospital deductible will be an increase of $44 from $1,556 in 2022 to $1600, for The Part A deductible starts over every 60 days. It is not a once-a-year deductible but 6-times a year. Under Part A is Medicare Skilled Nursing and the 2023 costs will be days 1-20 $0 copay per day and days 21- 100 will be $200 per day.
- Part B Costs (Medical): The new 2023 Part B medical/doctor deductible will decrease from $233 yearly deductible to $226 beginning January 1, 2023. Medicare pays 80% of the Medicare approved amount and you (Medicare beneficiary) pay the remaining 20% of the Medicare approved amount.
- Part B Premiums: New premium for 2023 with a decrease of $5.20 from $170.10 in 2022 to $164.90 beginning January 1, 2023. Those with an income that is higher than $97,000 as an individual or $194,000 as a married couple will be paying more for Medicare Part B beginning January 1, 2023.
2023 Medicare Part D costs and copays explained below:
- Initial Part D Deductible: will increased by $25 from $480 in 2022 to $505 in
- Initial Part D Coverage Limit:will increase by $230 from $4430 in 2022 to $4660 in 2023 where the 2023 “Donut Hole”
- Donut Hole begins once you reach your Medicare Part D plan’s initial coverage limit at $4,660 and ends when you spend a total of $7,400 out-of-pocket in 2023, when Catastrophic coverage begins.
- Donut Hole name changed to “Donut Hole Discount” in 2020 not removing the “Donut Hole”.
- The Donut Hole Discount: Part D enrollees will receive a 75% “Donut Hole Discount” on the total cost of their brand-name drugs purchased while in the Donut Hole. The discount includes, a 70% discount paid by the brand-name drug manufacturer and a 5% discount paid by your Medicare Part D plan. The 70% paid by the drug manufacturer, 5% Part D plan discount combined with the 25% you pay, count toward your Donut Hole exit point.
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Written By Toni King
