What You Need to Know About Your 2023 Medicare Benefits
There are several Medicare changes taking place in 2023, and we’ve read through all the fine print to bring you a quick recap.
From the Part B premium decrease to changes going into effect from the Inflation Reduction Act, here's what you need to know about Medicare changes in 2023.
Reminder! The Medical Annual Open Enrollment Period ends December 7 – call us at 833-801-7999 make changes to your health and drug plans before it's over!
Key 2023 Medicare Costs
Costs for Original Medicare, which includes Parts A and B, change slightly from year to year, and 2023 is no exception.
The standard Medicare Part B premium is decreasing by $5.20 in 2023. This reduction is to align with CMS recommendations that extra reserves from 2022 Part B premiums be passed along to Medicare beneficiaries.
- Medicare Part B premium: $164.90 in 2023 ($170.10 in 2022)
- Medicare Part B deductible: $226 in 2022 ($233 in 2022)
- Medicare Part A deductible: $1,600 in 2023 ($1,556 in 2022)
Less than 1% of people pay a premium for Medicare Part A, but for those that do, premiums have increased slightly. You'll pay between $278-$506 per month in 2023 for Part A's hospital coverage, but again, this effects very few Medicare beneficiaries.
Continued Aduhelm Questions
Last year, Medicare Part B saw significant cost increases, due in large part to the controversial Alzheimer's drug, Aduhelm. Biogen, the makers of Aduhelm, cut the costs of the drug nearly in half in late 2021 after the announcement of the 2022 Part B premium increase.
Medicare's support of the drug is currently limited to those in qualifying clinical trials and questions still abound on the future of monoclonal antibody treatments for Alzheimer’s Disease.
IRMAA Brackets Have Increased
If you have a high income, you pay a higher premium for Medicare Part B coverage (called IRMAA, or Income-Related Monthly Adjustment Amounts).
Only about 7% of Medicare users face these higher costs, which are determined by you and (if applicable) your spouse’s tax records.
Read More: Are Medicare Costs Based On Your Income?
Inflation Reduction Act’s Impact on Medicare Part D
As we explained in a recent blog, the Inflation Reduction Act will have a big impact on the future of Part D drug costs.
Vaccines
Important vaccinations, from the flu shot to shingles, will be free for Part D policyholders starting January 1, 2023. This will increase vaccination efforts and help keep more seniors healthy.
Insulin costs
Starting in 2023 and extending through 2025, there will be a copayment cap of $35 per month on Medicare-approved insulin products. This will apply even if you have not met your deductible. Insulin costs have skyrocketed in recent years, and this is the first step in efforts to mitigate the growing costs of this life-sustaining medication.
More 2023 Medicare Program Changes
Medicare has also introduced a few new coverage changes along with an update to the Initial Enrollment Period. Each year, you can get a quick glance at these types of updates in your Medicare & You handbook, which is mailed to you by the Centers for Medicare & Medicaid Services (CMS).
Kidney Transplant and Immunosuppressive Drug Coverage
Medicare is offering a new benefit in 2023 to help provide continued support for immunosuppressive drugs beyond the current limit of 36 months following a kidney transplant for those without alternative coverage. That coverage will have a premium of $97.10 per month.
As with all Part B coverage, it is adjusted for those with higher incomes as well.
Enrollment Period Update
Starting January 1, 2023, if you sign up for Medicare during the month of your 65th birthday or the three months following as part of your Initial Enrollment Period, your coverage will begin on the first day of the next calendar month. The same will apply to those joining Medicare during the General Enrollment Period.
Lung Cancer Screenings
Medicare is adding lung cancer screening to its Part B coverage.
You may qualify for a yearly screening if you meet the following criteria:
- You’re 50–77 years old
- You don’t show signs or symptoms of lung cancer
- You currently smoke or have quit in the last 15 years
- You have a tobacco smoking history of at least 20 “pack years” (meaning you’ve had, on average, 20 cigarettes/one pack a day for at least 20 years)
- You get an order from your doctor
One Thing That Doesn’t Change: Medicare Allies’ Exceptional Service!
No matter what Medicare changes may come, you can count on the licensed insurance agents at Medicare Allies to know the latest information and help you navigate the world of Medicare coverage.
If you have any questions about how these changes will affect you or your coverage, give us a call at 833-801-7999, and we’ll be happy to help you!
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