Medicare beneficiaries will pay less for their Part B premium next year, the first decrease in a decade.
Other Medicare costs, like Part A deductibles, are on the rise.
Heres how it breaks down.
Need a refresher on how Medicare works? Get answers to thesefrequently asked questions about Medicare.
Thats $5.20 less per month, or a 3% decrease.
Its been a decade sincePart B premiums decreasedinstead of increased.
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It charges beneficiaries a monthly premium for coverage and is usually deducted from Social Security checks.
Decreasing premiums is good news but it comes on the heels of thebiggest Part B premium increasein Medicare history.
From 2021 to 2022, Part B premiums jumped $21.60 or 14.5%.
Why Are Medicare Part B Premiums Going Down in 2023?
In 2021, a pricey new Alzhimhers medication called Aduhelm hit the market.
The controversial infusion treatment came with a sticker price of nearly $56,000 a year.
Ultimately, CMS decided to only cover Aduhelm in very limited situations.
Medicare didnt need all that extra money from Part B premiums, after all.
Part A primarily covers hospital stays and skilled nursing facilities.
Coinsurance amounts for inpatient care are also rising.
Simply put, Part B and Part D premiums are tied to a beneficiarys income.
Only about 7% of Medicare enrollees pay IRMAAs, according toCMS.
In 2023, the income threshold for IRMAAs is rising and the monthly surcharge is going down.
It runs from Oct. 15 to Dec. 7.
If youre happy with your Medicare coverage, you dont need to do anything.
it’s possible for you to compare your coverage options using the onlineMedicare Plan Findertool.
Have questions about signing up for a plan?
Medicare is the nations largest federal health care program.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
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