If you need a medical procedure, you may have to hold off on treatment until you have received approval from your health insurance plan. Starting in 2026, this may no longer be the case once a new federal rule becomes effective.
Savings for Seniors: Lower Medicare Part B Premiums in 2023
For the first time in more than 10 years, Medicare Part B enrollees will see some of their costs decline. In an announcement issued by the Centers for Medicare and Medicaid Services (CMS), the agency outlined changes to the premium, deductible, and co-payment amounts for numerous Medicare costs taking effect in 2023.
- Medicare Part B basic monthly premium = $164.90 = Savings of about $62 for the year
- Medicare Part B annual deductible = $226 = Savings of $84 for the year
- Other amounts, meanwhile, will rise slightly in 2023:
- Medicare Part A deductible = $1,600 (up from $1,556)
- Co-payment for hospital stay, days 61 to 90 = $400 per day (up from $389)
- Co-payment for hospital stay, days 91 and beyond = $800 per day (up from $778)
- Co-payment for skilled nursing facility, days 21 to 100 = $200 per day (up from $194.50)
Note that beneficiaries with higher incomes pay higher monthly premiums. For further details, read the news release from CMS.
If you wish to make changes your coverage, Medicare’s Open Enrollment Period will take place October 15 through December 7.