KEY POINTS
  • The standard monthly premium for Medicare Part B will be $5.20 lower next year.
  • The deductible for Part B also will be less than it is for 2022.
  • Medicare officials also have announced the Part A deductible and coinsurance amounts.

The 2023 monthly premium for Medicare’s outpatient care coverage will be about 3% lower than it is this year, the government announced Tuesday.

The standard monthly premium for Part B will be $164.90 next year, down $5.20 from $170.10 in 2022, according to the Centers for Medicare & Medicaid Services.

The annual deductible for Part B will be $226 in 2023, a decrease of $7 from $233 in 2022.

This year’s Part B premium had jumped more than expected from 2021 due to the Medicare program’s projected spending on Aduhelm, a drug that battles Alzheimer’s disease. Lower-than-expected spending on both Aduhelm and other Part B items and services resulted in larger financial reserves for Part B, allowing the program to reduce next year’s cost to beneficiaries.

Meanwhile, the deductible for Medicare Part A (hospital coverage) per benefit period (which generally starts when you are admitted to the hospital) will be $1,600 in 2023, up $44 from this year’s $1,556. That applies to the first 60 days of inpatient care.

For the 61st through 90th day, the coinsurance will be $400 per day, up from $389 this year. For lifetime reserve days, the charge will be $800 per day (up from $778 in 2022).

Additionally, so-called income-related adjustment amounts, or IRMAAs, will kick in for single beneficiaries at modified adjusted gross income of more than $97,000, up from $91,000 this year. For married beneficiaries filing a joint tax return, the extra monthly charge will apply if income is above $194,000, up from $182,000 this year.

https://www.cnbc.com/2022/09/27/medicare-standard-part-b-premiums-will-drop-by-3percent-to-164point90-next-year.html