Medicare Announces 2023 Medicare Cost

2023 Medicare cost, including premiums, deductibles and copays for Original Medicare have been announced by CMS.

Every year, Medicare beneficiaries, caregivers and insurance professionals wait in high anticipation for Medicare to announce the changes that are coming for the new year.

Generally speaking we see a trend with increases only. But, there have been some decreases in 2023 Medicare cost, let’s take a closer look together.

How much will Medicare Cost in 2023?

2023 Medicare Premiums

How much will Medicare Part A cost in 2023?

The 2023 Medicare Part A premium is $506 (up $7 from 2022).

How much does Medicare Part B cost?

Your 2023 Medicare Part B premium is $164.90 (a decrease of $5.20 from 2022).

99% of Medicare beneficiaries do not have to pay the Medicare Part A premium. For the 1% that do, your Part A premium could be as low as $278 (for working at least 30 quarters) to as high as $506, depending on the amount of time you worked and paid into Medicare.

2023 Medicare Deductibles

What is the Medicare Part A deductible in 2023?

How much The 2023 Medicare Part A Deductible is $1,600 (an increase of $44 from 2022)

What is the Medicare Part B deductible?

Decrease Alert! 2023 Medicare Part B Deductible is $226 a decrease of $7 from 2022)

2023 Medicare Co-pays

With Original Medicare, there are co-pays that must be satisfied prior to secondary insurance picking up.

You are responsible for the Medicare Part A co-pay after you have met the Part A hospital deductible ($1,600 in 2023). Remember, your deductible covers the first 60 days of your inpatient stay. If you remain in the hospital after that, you are responsible for the following:

Days 61-90: $400 per day

Days 91-150: (lifetime reserve days): $800 per day

There is no co-pay for Medicare Part B. Instead, there is a co-insurance of 20%.

2023 Medicare Co-Insurance

There is no co-insurance with Medicare Part A, just the inpatient co-pay after the deductible has been satisfied.

However, you are responsible to pay 20% co-insurance for Medicare Part B services. Some examples include:

• Office Visits
• Lab Work
• Outpatient Surgeries
• Durable Medical Equipment

Medicare Cost Comparison, Year-Over-Year

2023 Medicare Part A Benefit Chart

2023 Medicare Part B Benefit Chart

Overview of 2023 Medicare Cost

Medicare decreased the Part B premium and deductible for 2023, while raising Part A cost, modestly.

Remember, Original Medicare doesn’t cover 100% of Medical cost, as outlined above. In general, and for most beneficiaries, there are two options to help offset cost.

1. Enroll in a Medicare Supplement Plan (Medigap Plan). These plans work together with Original Medicare and act as secondary insurance.
2. “Drop” Original Medicare and enroll in a Medicare Advantage Plan (Medicare Part C). These types of plans act as your primary and secondary insurance (Medicare takes a back seat).

Regardless of the play type you choose, you are giving yourself protection from catastrophic medical cost. It’s important to remember that on Original Medicare only, there is no cap on out of pocket cost.

If would like help comparing 2023 Medicare plans, call 866-633-4427 today and speak with a licensed Medicare agent. Our agency represents over 25 top-rated insurance companies and will assist with plan comparisons and securing coverage.

Frequently Asked Medicare Questions