The Biggest Changes to Medicare for 2023
Changes come to Medicare every year, and 2023 is no exception. Whether you're enrolling in Medicare for the first time or considering switching to other plans, knowing the Medicare changes that take effect in 2023 will help you choose the right plan that fits your needs and budget. Here are the most significant Medicare changes for 2023 that you should be aware of:
Higher Part A costs
Although most Medicare beneficiaries receive Part A for free and are automatically enrolled when they reach 65, they typically pay a deductible for hospital admission.
For 2023, all costs associated with Medicare Part A will go up, including deductibles and coinsurance. Those that do not qualify for premium-free Part A will also pay a higher premium. The Part A deductible in 2023 is $1,600, which is $44 more than the cost in 2022. If you have to pay Part A premiums, you'll pay $506 per month, up from $499 a month in 2022.
Changes to Medicare Part B
In 2023, the standard Part B monthly premium is $164.90 in 2023, down from $170.10 per month in 2022. However, you may have to pay more if you earn a higher income. For instance, if your income is above $97,000 and up to $123,000, you will pay $230.80 in 2023. Part B deductible is decreasing from $233 to $226.
Another change to Part B is the addition of a new plan for kidney transplant patients to help extend coverage for kidney anti-rejection drugs beyond 36 months.
Limits on insulin costs
The costs of generic drugs for individuals enrolled in the Medicare Part D prescription drug plan will also be lower in 2023. This is a result of the federal government's efforts to reduce the overall cost of healthcare.
One benefit you will enjoy with this change is the $35 monthly cap on the cost of insulin. Also, If you're enrolled in Medicare and use an insulin pump, you won't pay more than $35 for insulin per month and won't pay a deductible from July 1.
If you take vaccination under Part D, you'll no longer have to pay deductible, coinsurance, or copay. For example, the shingles vaccine called shingrix, which costs up to $200 per dose, will now be free for beneficiaries in 2023.
Coverage delay after Medicare enrollment removed
You won't have to wait to get Medicare benefits after enrollment. In 2022, beneficiaries who enrolled at the end of the initial enrollment period had to wait 2 to 3 months before getting coverage.
Those who signed up during the general enrollment period had to wait till July for coverage to take effect. This delay no longer exists as coverage begins the first day of the following month. Also, if you couldn't sign up for Medicare due to a disaster or other exceptional circumstances, you'll be able to do so during new special enrollment periods.
From reduced premiums to new enrollment periods, these 2023 Medicare changes will impact how you receive and pay for your healthcare. Stay up-to-date on these changes by consulting an independent Medicare agent today at no charge.