In 2023, the cost of Medicare will fall in the US for the first time in 10 years
The Centers for Medicare and Medicaid Services (CMS) announced that monthly Part B premiums will drop to $2023 in 164,90 from $170,10. This will be the first cut in contributions in a decade. Writes about it Yahoo!.
The Part B annual deductible will also drop from $233 to $226. Part B covers doctors, medical equipment, and other outpatient expenses not covered by Medicare Part A.
“The reduction in Part B premiums reflects the unusual situation surrounding Aduhelm, a controversial and expensive Alzheimer's drug. Medicare decided not to fully cover this drug after it decided to increase its Part B premiums by a very significant 14,5% this year, said Mark Miller, author of the forthcoming book Retirement Reset: Sound Financial Strategies. “It turned out to be overpriced this year, so the 2023 cut is essentially a refund.”
Combine the drop in contributions with the expected 8,7% increase in the annual cost of living (COLA) index, which will be announced on October 13, and most Americans will see a significant increase in their monthly retirement income next year. Part B premiums are usually deducted from monthly Social Security benefits. While this windfall may not completely dampen the impact of inflation this year, it will certainly help.
"This is a great start to help older people fight the worst inflation we've seen in 40 years," said Philip Møller, health insurance and welfare expert and lead author of the Get What's Yours book series.
But there are some price increases.
The annual Part A deductible for hospital and co-insurance costs will increase by $44 next year, from $1556 to $1600. The Part A deductible for inpatient hospitals covers the recipient's share of the cost for the first 60 days of inpatient Medicare-covered inpatient care.
In 2023, beneficiaries will be required to pay a co-insurance amount of $400 per day for days 61 to 90 of hospitalization (up from $389 in 2022) and $800 per day for life reserve days (as opposed to $778 in 2022).
For skilled nursing facilities, daily co-insurance from day 21 to day 100 of extended care during the grace period will be $200 in 2023. This is more than $194,50 in 2022.
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Also, allowances for people with high incomes for the next year were announced. Since 2007, the Part B beneficiary's monthly contribution is income dependent. About 7% of Medicare users earn too much to qualify for the standard Parts B and D premiums and should pay more.
Medicare Open Enrollment and Medicare Savings Programs
Medicare health and drug plan costs and covered benefits are adjusted annually.
Open Enrollment for 2023 will start on October 15 and end on December 7. During this time, people eligible for Medicare can compare 2023 coverage options between Original Medicare, Medicare Advantage, and Part D plans. Plan details will be announced on October 1, after which they will be available at Medicare Plan Finder.
To reduce Medicare costs, including deductibles and co-payments, low-income seniors and adults with disabilities may qualify for financial assistance from programs Medicare Savings Programs (MSPs).
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