How Much Does Medicare Part B Cost in 2023?

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How Much Does Medicare Part B Cost in 2023?

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By Daniel Petkevich

Dec 27, 2022

Medicare Part B Premiums and Deductibles in 2023

If you're concerned about being able to afford your Medicare plan, we have good news: Medicare Part B costs will decrease in 2023.

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More specifically, you'll see changes in your monthly premiums, deductibles, and immunosuppressant drug coverage costs (if applicable).

In this article, we'll discuss everything you need to know about the upcoming changes to Medicare Part B. But first, let's review the healthcare services covered by Medicare Part B for those new to the program.

What Does Medicare Part B Cover?

Medicare Part B is a part of

Original Medicare

that covers your outpatient medical costs.

It covers two types of services:

Essential medical services — medically necessary services and supplies required to diagnose or treat a medical condition
Preventive services — designed to help prevent illness or detect it early

Some examples of services and supplies covered by Medicare Part B include:

Ambulance services
Clinical research
Diagnostic laboratory tests
Doctor visits
Durable medical equipment — hospital beds, blood sugar monitors, oxygen tanks, wheelchairs, walkers, etc.
Therapy
Screenings
Vaccinations
Transplants
Limited outpatient prescription drugs

How Much Does Medicare Part B Cost In 2023?

Your Medicare Part B costs include your monthly premium and the annual deductible. Here's what you'll pay in 2023:

Monthly premium — $164.90
- Your premium may vary depending on your
  MAGI
  (modified adjusted gross income)
- For example, if your MAGI exceeds a certain amount (as per your IRS tax return from 2 years ago), you may be subject to an
  income-related monthly adjustment amount (IRMAA)
  . You would pay the IRMAA in addition to the standard premium
Annual deductible — $226

Everyone enrolled in Medicare Part B must pay the premium. If you receive Social Security benefits, the Part B premium will be automatically deducted from your monthly payment; if not, you'll receive a quarterly bill.

The following table displays Medicare Part B premiums based on income.

Medicare Part B Premium in 2023

If the standard Medicare Part B services are all you need, you're good to go! But if you need immunosuppressant drug coverage, keep reading.

What Is Medicare Part B Immunosuppressant Drug Coverage?

In 2023, Medicare Part B will offer the Immunosuppressive Drug (Part B-ID) benefit — a new coverage option for

ESRD

patients who need dialysis and/or a kidney transplant to survive.

Typically, when a person with ESRD receives a kidney transplant, they are covered by Medicare for the first 36 months after the procedure. After this time, they may lose coverage unless they meet other eligibility requirements (i.e., they're over 65 years old or have a disability).

The Medicare Part B Immunosuppressive Drug (Part B-ID) benefit will help those who lose Medicare coverage 36 months after a kidney transplant and don't have other health insurance.

What Does Medicare Part B-ID Cover?

This benefit only provides coverage for immunosuppressive drugs under Medicare Part B. It doesn't cover other items or services.

Some immunosuppressive drugs covered by Medicare Part B-ID include:

Tacrolimus (Prograf®, Astagraf XL®, Envarsus XR®)
Mycophenolate (Cellcept®, Myfortic®)
Prednisone
Cyclosporine (Neoral®, Gengraf®, Sandimmune®)
Sirolimus (Rapamune®)
Everolimus (Zortress®)
Azathioprine (Imuran®)
Belatacept (Nulojix®)

However, Medicare Part B-ID does NOT cover the following:

Non-immunosuppressive medications
Administration fees for IV immunosuppressant medications
Compounded immunosuppressant medications
Doctor visits, laboratory tests, and imaging

When Does the Medicare Part B-ID Benefit Begin?

This new coverage benefit begins on January 1, 2023. If interested, you must sign up before December 31, 2022. Your immunosuppressant drug coverage begins the month following your enrollment.

Need help?

Call the Social Security line at 1-877-465-0355 to get started. (If you're a TTY user, contact our general line at 1-800-325-0778).

‎

How Much Does Medicare Part B Immunosuppressant Drug Coverage Cost?

Medicare Part B-ID costs will include the following:

Monthly premium — about $97.10 (exact amount varies depending on your income)
Annual deductible — $226
20% of the Medicare-approved amount for your immunosuppressive drugs

The following table displays Medicare Part B-ID premiums based on income.

Medicare Part B-ID Premium Amount in 2023

‎‎

Takeaway

Insurance premiums and deductibles can change every year. It's important to be aware of these changes if you have Medicare or are considering enrollment.

Fortunately, if you have Medicare Part B, you'll pay less in 2023. Here's a summary of the changes to expect in the new year:

Lower monthly premiums
Lower deductibles
Affordable immunosuppressant drug coverage (if you have ESRD)

If you have any questions or concerns about how these changes might affect you, call us at 1-888-376-2028. Our team at

Fair Square Medicare

can help you understand your options and make informed decisions about your Medicare coverage.

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How Much Does Medicare Part B Cost in 2023?

Medicare Part B Premiums and Deductibles in 2023

Stay Up to Date on Medicare!

What Does Medicare Part B Cover?

How Much Does Medicare Part B Cost In 2023?

What Is Medicare Part B Immunosuppressant Drug Coverage?

What Does Medicare Part B-ID Cover?

When Does the Medicare Part B-ID Benefit Begin?

How Much Does Medicare Part B Immunosuppressant Drug Coverage Cost?

Takeaway

Stay Up to Date on Medicare!

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