How is Medicare Changing in 2023?
Fair Square Medicare

How is Medicare Changing in 2023?

Medicare 2023 What you need to know in the new year stock image

By Daniel Petkevich

Dec 21, 2022

Read to see if you can expect to save money this year

The cost of Medicare can fluctuate every year. To get your 2023 budget ready, you will want to know how much your Medicare expenses will change. Some prices have gone up, others have gone down, and there might be potentially massive savings on the cost of insulin. Read on to find out how Medicare is changing in the new year.

Stay up to date on Medicare

Join the Fair Square Medicare Newsletter to stay informed on cost savings, changes to Medicare, and other valuable healthcare information.

Part A

We take an in-depth look at the changes to Part A in 2023 here, including information for the 1% of Medicare beneficiaries who need to pay a premium on Part A. The main highlights you want to know are as follows:

  • The Part A Deductible is now $1,600 (an increase of $44)

  • The copayment for hospital days 61-90 is now $400 per day

  • For days 21-100 in a Skilled Nursing Facility (SNF), you will be responsible for $200 each day 

Part B

The Part B Deductible is now $226, a decrease of $7 from the previous year. With Medicare Supplement Plan G, this deductible is your only out-of-pocket cost.

For many people, Medicare Part B typically costs $164.90 per month, a decrease of $5.20 from 2022. You might be required to pay even more based on your MAGI (modified adjusted gross income).

If your MAGI is above a certain amount (as per your IRS tax return from 2 years ago), you’ll have to pay the standard premium and an income-related monthly adjustment amount (IRMAA).

The table below shows the cost of Medicare Part B, depending on your income:

Medicare Part B IRMAA Chart 2023

Part D

Similar to Part B, your MAGI can influence how much your monthly premium is on Part D. The table below will help you determine your Medicare Part D premium based on your income bracket.

Medicare Part D Premiums 2023

Many of the most significant changes to Part D Prescription Drug plans will result from government legislation in 2022.

Inflation Reduction Act

Insulin is one of the most expensive life-saving medications available. But starting on January 1, the cost of a month's supply of insulin will be capped at $35.

Also, starting in 2023, there will be better access to vaccines that the Advisory Council on Immunization Practices recommends. That means no more out-of-pocket costs for the shingles vaccine through your Part D prescription drug plan.

As a result of the Inflation Reduction Act, 2023 will be the last year you have to worry about the Donut Hole on Part D. The Donut Hole is a coverage phase of your prescription drug plan that charges you more out-of-pocket for your medication.

Conclusion

Medicare premiums and deductibles might change every year. If you are wondering how these changes might affect your budget, our team of experts is ready to help. Fair Square Medicare is here for you.

Stay up to date on Medicare

Join the Fair Square Medicare Newsletter to stay informed on cost savings, changes to Medicare, and other valuable healthcare information.


Learn More About Medicare

heart surgery stock image

How Much Does Open Heart Surgery Cost with Medicare?

2023-01-27

senior african american man feeling pain in his knees from arthritis while on a couch stock photo

How Much Does Xeljanz Cost with Medicare?

2023-01-25

Doctor talking to patients are explaining the treatment of a patient's illness stock photo

How Much Does Rexulti Cost with Medicare?

2023-01-24

Human hands holding healthy lung shape made from paper on light blue background. stock photo

How Much Does Trelegy Cost with Medicare?

2023-01-24

Female physiotherapist helping elderly man in wheelchair do exercises with dumbbells at health center stock photo

What Does Medicare Cover for Stroke Patients?

2023-01-20

Doctor demonstrating upper cervical spine anatomy stock photo

Does Medicare Cover Cervical Disc Replacement?

2023-01-20

Medicare Set Aside funds stock image

What Happens to Unused Medicare Set-Aside Funds?

2023-01-20

older man suffering from stomach pain due to IBS stock photo

Does Medicare Cover Xiafaxan?

2023-01-19

senior woman doing botox stock photo

Is Botox Covered by Medicare?

2023-01-19

Health insurance form on a table with pen, calculator and glasses stock image

What You Need to Know About Creditable Coverage

2023-01-18

Acute psoriasis on elbows is an autoimmune incurable dermatological skin disease stock photo

Does Medicare Cover Light Therapy for Psoriasis?

2023-01-17

wart on the sole of a white man's foot stock photo

Does Medicare Cover Wart Removal?

2023-01-17

woman sitting on sofa feeling pain in her foot at home stock photo

Does Medicare Cover Qutenza?

2023-01-13

Nasal spray stock image

Can Medicare Help with the Cost of Tyrvaya?

2023-01-12

Gloved hands with a scalpel begin a knee replacement surgery

Does Medicare Cover Iovera Treatment?

2023-01-11

A doctor with a clipboard consults a female patient with cancer

Does Medicare Cover Inqovi?

2023-01-11

Physiotherapist showing workout record on exercise bike

Does Medicare Cover Exercise Physiology?

2023-01-11

A women's restroom sign that has been modified to show the stick figure woman needing to use the toilet

Does Medicare Cover Bladder Sling Surgery?

2023-01-11

Your Medicare One-Stop-Shop

Your guide to Medicare Parts A & B, Medicare Advantage, and Medigap.

100% free.

Fair Square Medicare

LEGAL

Privacy Policy

CONTACT

1-888-454-2383

MORE


Virgil Insurance Agency, LLC (DBA Fair Square Medicare) and www.fairsquaremedicare.com are privately owned and operated by Help Button Inc. Medicare supplement insurance plans are not connected with or endorsed by the U.S. government or the federal Medicare program. This is a solicitation of insurance. A licensed agent/producer may contact you. Medicare Supplement insurance is available to those age 65 and older enrolled in Medicare Parts A and B and, in some states, to those under age 65 eligible for Medicare due to disability or End-Stage Renal disease. Virgil Insurance Agency is a licensed and certified representative of Medicare Advantage HMO, HMO SNP, PPO, PPO SNP and PFFS organizations and stand-alone PDP prescription drug plans. Each of the organizations we represent has a Medicare contract. Enrollment in any plan depends on contract renewal. The plans we represent do not discriminate on the basis of race, color, national origin, age, disability, or sex. Plan availability varies by region and state. For a complete list of available plans please contact 1-800-MEDICARE (TTY users should call 1-877-486-2048), 24 hours a day/7 days a week or consult www.medicare.gov. © 2022 Help Button Inc

We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.

MULTIPLAN_FairSquareMedicare_01062022_M