From $170.10 to $164.90 – Medicare Standard Part B Premium drop by 3% this year

Medicare for All
Participants hold signs as Democratic U.S. presidential candidate U.S. Sen. Bernie Sanders (I-VT) speaks at a news conference to introduce the “Medicare for All Act of 2019” on Capitol Hill in Washington, U.S., April 10, 2019. REUTERS/Aaron P. Bernstein (Photo, PBS)

The government announced the 2023 monthly premium for Medicare’s outpatient care coverage will be about 3% lower than it is last year. The standard monthly premium for Medicare Part B will be $5.20 lower this year. The deductible for Part B also will be smaller than it is last year.

Medicare officials also have announced the Part A deductibles and coinsurance amounts.

According to the Centers for Medicare & Medicaid Services, the standard monthly premium for Part B this year will be $164.90, down $5.20 from $170.10 in 2022. The annual deductible for Part B will be $226 in 2023, a decrease of $7 from last year’s $233.

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

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Meanwhile, what applies to the first 60 days of inpatient care, 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, plus $44 from last year’s $1,556.

For the 61st until 90ththe  day, the coinsurance will be $400 per day, higher than $389 last year. For lifetime reserve days, the charge will be $800 per day (higher than $778 in 2022).

Additionally, so-called income-related adjustment amounts, or IRMAAs, will kick in for single beneficiaries at the modified adjusted gross income of more than $97,000, higher than $91,000 last 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 last year.

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