Every year, changes come to Medicare. In 2023, Medicare has several new benefits and adjustments to speak of. As a beneficiary, it’s important to keep up with these developments. Below, we’ll provide the information you need to know about how Medicare is different this year, including how much Medicare costs in 2023.
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What is the Medicare Deductible for 2023?
The annual Medicare Part B deductible has decreased in 2023 to $226, which is $7 less than last year. The standard Part B premium is lowered to $164.90 monthly, which is $5.20 less per month than before.
Medicare Part A is does not have a premium for most people. However, the premium does increase each year. In 2023, the Medicare Part A deductible will be $1,600 for each benefit period. That makes the increase $44 more than last year. But, those who buy into Medicare could pay a full Part A premium of $506 each month. And, those who paid 30-39 quarters could pay $278 per month.
The inpatient hospital benefit period costs are rising slightly for 2023. For days 1-60 beneficiaries will continue to pay $0 each day. Days 61-90 now cost $400 per day. Finally, for days 91 and beyond, you’ll pay $800 coinsurance for each day. Now, skilled nursing facility copayments also saw an increase; days 21-100 cost $200 per day.
New Medicare Benefits for 2023
What Does Medicare Advantage Look Like for 2023?
Medicare Advantage plans are available across the United States. Beneficiaries can also expect to see more plan options, even for those in rural areas. More options and lower costs are good news to beneficiaries opting for Part C insurance.
What is the Cost of Part D in 2023?
Premiums for Medicare Part D in 2023 average about $31.50 a month, a decrease from the previous year. The initial deductible in 2023 is $505 for the year. The initial coverage limit increased to $4,660. Also, the Out of Pocket threshold increased to $7,400.
What is the 2023 High Deductible for Medigap?
Medigap High Deductible Plan G and Medigap High Deductible Plan F have an annual deductible of $2,700 for 2023. Now, while newly-eligible beneficiaries can no longer purchase any version of Plan F, those currently enrolled in High Deductible Plan F will be responsible for the deductible.
What is the 2023 Maximum Out of Pocket?
For Medicare Advantage, maximum out-of-pocket limits can reach up to $8,300 for in-network services.
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Those with Medicare Supplement Plan L have a $3,470 out-of-pocket maximum. Those with Medigap Plan K have a $6,940 Maximum Out of Pocket for the year.
FAQs
How to Get Help with Your Medicare Coverage in 2023
We know that there are a lot of changes to Medicare for 2023. If you’re new to Medicare, or an existing beneficiary, know that our team is here for you. Whether you’re interested in Medigap or simply have questions about Medicare, we can help.
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I am greatly concerned with the changes regarding longer hospital stays after surgery and the need for rehabilitation/nursing facilities afterward.
What happens to a single senior on Medicare who needs replacement joint surgery and rehab physical therapy for recovery for limb replacement when the patient is unable to secure help from friends or family? I am greatly frustrated that the times for hospitalization for surgeries have been cut at the same time longer requirements for in-patient rehabilitation has become harder to meet. Individuals with no help for recuperation are being forced to forego the needed surgeries. Denying the elderly needed assistance for recovery is inhumane!