Medicare is a government-funded health insurance program for people over 65, those with certain disabilities, and those with End-Stage Renal Disease (ESRD). As a beneficiary of Medicare, you know how important it is to keep up-to-date with any changes affecting your healthcare coverage. And suppose you’re new to Medicare or getting ready to enroll. In that case, you’ll want to pay close attention to the latest updates to make informed decisions. You can also get Medicare information from the we speak Medicare team at Boomer Benefits.
If you’re new to Medicare in 2023, here are some changes you’ll want to know.
2023 Medicare Changes
Medicare is constantly evolving, with new rules and regulations being introduced continuously. Staying knowledgeable about these changes can help you optimally enjoy your healthcare coverage and avoid pitfalls. Whether you’re an Original Medicare (Parts A and B), Medicare Advantage (Part C), Medicare Prescription Drug Coverage (Part D), or a Medicare Supplement (Medigap) plan beneficiary, we’ve got you covered.
Medicare Part A Premium and Deductible Changes in 2023
Medicare Part A coverage include stays in skilled nursing facilities, inpatient hospital stays, hospice, inpatient rehabilitation, and home health care services. 99 percent of Medicare beneficiaries have at least 40 quarters of covered employment, so they do not pay a premium. If you don’t have premium-free Part A, you could pay up to $506 monthly.
For the inpatient hospital deductible, beneficiaries will be responsible for paying $1,600 in 2023, a slight increase from the $1,556 paid in 2022. This deductible covers days 1 to 60 of Medicare-covered inpatient hospital stay in a benefit period. Once you’ve met the deductible, you’ll still be responsible for coinsurance payments.
In 2023, beneficiaries will pay $400 per day for days 61 to 90 of hospitalization (up from $389 in 2022) in a benefit period. And, if you require hospitalization beyond 90 days, you’ll need to dip into your lifetime reserve days, which are limited to 60 days over your lifetime. For those days, you’ll be responsible for paying $800 per day (up from $778 in 2021).
If you’re receiving extended care services – like those provided in a skilled nursing facility – and you’re in a benefit period, you’ll be covered for the first 20 days. But starting on day 21 and continuing through day 100, you’ll need to pay a daily coinsurance of $200 in 2023 (up from $194.50 in 2022).
Medicare Part B Premium Changes in 2023
Most people will pay the standard monthly premium of $164.90 in 2023. But, as with everything related to healthcare, there are some exceptions to keep in mind.
If you don’t know how much you’ll pay, the Social Security Administration can give you the exact amount you can expect to pay for Part B in 2023. But you can expect to pay the standard premium amount if you fall into one of several categories.
- If this year, 2023, is your first time enrolling in Part B, you’ll pay the standard premium. The same goes for those who don’t receive Social Security benefits and those who are directly billed for their Part B premiums.
- If you have both Medicare and Medicaid, and Medicaid pays your premiums, your state will pay the standard premium of $164.90 in 2023.
It’s also important to keep in mind that you could pay more than the standard premium for Part B if you have a higher income. This can also affect your Part D costs.
Medicare Drug Coverage Premiums Changes
If your annual income falls within a certain range, you may need to pay an extra monthly amount in addition to your Medicare Drug Coverage plan premium. This is known as an income-related monthly adjustment amount. It’s a way for the government to adjust your premium based on your income.
But don’t worry – it’s easier than it might sound. Just take a look at the table below. It shows exactly how much you’ll need to pay each month.
Healthcare is always changing – new technologies are developed, lawmakers make new policies, and the needs of patients evolve. By staying up-to-date on these changes, you can ensure your Medicare coverage serves your needs adequately.
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