How Much Will Medicare Cost Me Per Month In 2023?

Do you know how much Medicare will cost you each month in 2023?

Planning for retirement is really important, and if you’re going to be living off of a fixed income, you need to be aware of your expected insurance costs.

So, how much will Medicare cost you in 2023?

Use the interactive Medicare Cost Worksheet to estimate your monthly premiums

2023 Medicare Part A Costs

Medicare Part A helps cover bills from the hospital. So, if you are admitted and receive inpatient care, Medicare Part A is going to help with those costs.

If you’ve worked at least 10 years or can draw off a spouse who has, Medicare Part A is free to have. That means you don’t have any monthly costs to have Medicare Part A.

This doesn’t mean that Medicare Part A doesn’t have other costs like a deductible and coinsurance — because it does — but you won’t have to pay those costs unless you actually need care.

For most people, having Medicare Part A is free.

The Medicare Part A deductible, as well as the coinsurance for care, fluctuates slightly every year, but here are the current Part A costs for 2023:

• $1,600 deductible
• Days 1 – 60: $0 coinsurance
• Days 61 – 90: $400 coinsurance
• Days 91+: $800 coinsurance per “lifetime reserve day,” which caps at 60 days
• Beyond lifetime reserve days: You pay all costs

For beneficiaries in skilled nursing facilities, the daily coinsurance for days 21 through 100 of extended care services in a benefit period will be $200 in 2023.

2023 Medicare Part B Costs

Medicare Part B helps cover your medical bills. Lab tests, doctor visits, and wheelchairs are examples of some services and items that Medicare Part B would help pay for.

Medicare Part B does have a standard monthly premium, which is $164.90 per month. This monthly premium tends to vary slightly from year to year and actually went down in 2023. Also, if you have a high income, your premium will be higher.

We always recommend that individuals who are working past the age of 65 contact us to make sure their current insurance setup is appropriate.

[RELATED: Working Past 65?]

Medicare Part B also has a deductible, and it went down in 2023. This year, it is only $226. After you meet that deductible, you typically pay 20% of the Medicare-approved amount for any services, tests or items you need.

2023 Medicare Part D Costs | Prescription Drug Plan (PDP) Costs

For a Medicare Part D plan, also called a Prescription Drug Plan (PDP), the monthly cost varies depending on the prescriptions you take.

The average monthly premium for a Medicare Part D plan is around $43 per month in 2023.

If you do take medications, you’ll have other costs, like a deductible, copays and coinsurance. Those costs will vary by plan.

We recommend that you follow our Medicare Part D Cheat Sheet to determine your actual drug plan costs. You can do this directly on Medicare.gov.

Download the Medicare Part D Cheat Sheet‍.

2023 Medigap Costs | Medicare Supplement Costs

Since Medicare only covers about 80% of your medical bills, many people add on a Medicare Supplement to pick up the remaining costs. The monthly premium for a Medicare Supplement will depend on which plan you choose, your age, your gender, your ZIP code, and your tobacco usage.

Please contact us for accurate rates for you in your ZIP code.

Get a Medicare Supplement quote.

2023 Medicare Part C Costs | Medicare Advantage Costs

If you choose to get Medicare Part C, which is also called Medicare Advantage (MA), you are replacing Medicare Parts A and B. Often times, MA plans also include a drug benefit, so you also replace Part D.

However, you must still pay the $164.90 monthly premium for Medicare Part B.

MA premiums vary, depending on which type of plan you choose and which area you’re in. In general, MA premiums are quite low. You can expect premiums to be approximately $18 a month in 2023.

While the monthly premium is very low or even $0, there are some things to consider before opting in to an MA plan. You can read about the pros and cons of Medicare Advantage here.

2023 Medicare MSA Costs | Medical Savings Account for Seniors

A Medicare MSA, a type of Medicare Advantage plan, is another option for seniors. MSA plans combine high-deductible health coverage with an annually funded medical savings account. Exact costs will vary based on MSA provider.

Learn more about how MSA plans work by checking out our previous post: How Do Medicare MSA Plans Work, and Do I Need One?

Total 2023 Monthly Medicare Costs

When we total up all of your monthly Medicare costs, here’s what you can expect.

If you decide to use Original Medicare with a Medicare Supplement and a drug plan, your monthly costs would be:

• $164.90 for Medicare Part B ‍
• An additional cost for Medicare Supplement (prices vary)
• An average of $43 for your drug plan (this can vary)

If you decide to use a Medicare Advantage plan that includes a drug plan, your monthly costs would be:

• $164.90 for Medicare Part B
• A low monthly premium for the MA plan

For extra help, use the interactive Medicare Cost Worksheet to determine how much you will pay each month for Medicare. And if you need any assistance determining plans and evaluating costs, reach out for a consultation with one of our licensed insurance agents.

Medicare Allies is not affiliated with Medicare or any other government agency. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.