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    Home»Personal Finance»Medicare 2023: What will Medicare benefits be for next year?
    Personal Finance

    Medicare 2023: What will Medicare benefits be for next year?

    October 23, 20222 Mins Read
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    Eany new year all benefits change according to the cost of living adjustments.

    In 2023, Health Insurance will suffer several adjustments due to COLA and the Inflation Reduction Act.

    According to information releases Part A, Part B and Part D premiums will see changes next year.

    What are the changes to Medicare benefits in 2023?

    According Medicare Resourcesregistrants will see several changes in 2023 in Medicare Advantage and Medicare Part D.

    Medicare Advantage and Medicare Part D are “plans that beneficiaries can modify during the annual fall enrollment period that runs from October 15 through December 7.”

    • The standard premium for Medicare Part B goes from $170.10 per month to $164.90 per month.
    • The Part B deductible also decreases, to $226.
    • Part A premiums, deductibles and coinsurance will increase next year.
    • High-income premium adjustments for Medicare Part B and D will start at $97,000 instead of $91,000.
    • The maximum allowable limit for Medicare Advantage plans is $8,300. However, the vast majority of plans have lower caps.
    • There will be no part D donut hole.

    COLA Social Security will be crucial for reduce Part B premiums in 2023.

    Part B deductibles

    In 2023, the Deductible Part B is $226it rose from $233 in 2022. The reduced deductible for the first time since 2012.

    “Some enrollees have supplemental coverage that pays their Part B deductible. This includes Medicaid, employer-sponsored plans, and Medigap C and F plans. But as of early 2020, Medigap C and F plans are only no longer available to eligible new enrollees,” Medicare Resources posted.

    Part A

    Part A is the Medicare benefit that covers hospitalization costs.

    Only 1% of Medicare Part A Beneficiaries pay premiums. These premiums will increase in 2023 to $506 per monthh.

    Part A deductibles also increase in 2023. Next yearr Registered in Part A will have a $1,600 deductiblealmost $50 more than in 2022.

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