Medicare Rate Increases for 2023
- Some Medicare rates are set to increase in 2023, including premiums, copays and Medicare deductibles. Learn more about what to expect for Medicare costs.
Will Medicare premiums increase in 2023? Medicare beneficiaries can usually expect their rates to increase every year, and in this review we provide a Medicare increase 2023 update for Medicare premiums, deductibles and more, according to the 2022 Medicare Trustees Report from the Centers for Medicare & Medicaid Services (CMS) and their updated 2023 cost outlines.
Medicare Rates 2023
What will Medicare cost in 2023?
Medicare Part A premiums will remain at $0 for most beneficiaries. That’s because most beneficiaries have premium-free Part A because they paid Medicare taxes for at least 40 quarters (10 years of work), which is a benchmark that remains unchanged for 2023.
But for those who have not paid the required amount of Medicare taxes, there will be a Medicare premium increase in 2022. Those who have paid Medicare taxes for 30 to 39 quarters will see their Part A premium increase to $278 per month in 2023 (up from $274 per month in 2022). And those with fewer than 30 quarters worth of Medicare taxes will see a jump from $499 in 2022 to $506 per month in 2023.
The standard Medicare premium for Part B actually decreased in 2023, however. The 2023 Medicare Part B premium is $164.90 per month, which is down from $170.10 in 2022.
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Medicare Increase 2023: What Is the 2023 Medicare Part B deductible?
Is Medicare going up in 2023 for Part B?
The rate for the 2023 Part B deductible is $226 per year, which is down from $233 in 2022. This is an decrease of $7 per year from the 2022 Part B deductible.
Premiums for Medicare Part C (Medicare Advantage) and Medicare Part D (Prescription Drug Plans) are also on a downward trajectory. While Medicare Part A and Part B premiums have historically gone up nearly every year, premiums for private Medicare plans have been dropping in recent years. In 2023, the average Medicare Advantage (Part C) premium is $19.07 per month, though many Medicare Advantage plans feature $0 monthly premiums.
Questions About 2023 Medicare Cost Increases?
If you have any questions about Medicare increases for 2023, call 1-800-MEDICARE (1-800-633-4227) to speak with a representative.
For questions about Medicare Advantage or Medicare Part D rates, you can compare plans online or call a licensed insurance agent for assistance.
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Visit MedicareAdvantage.com to compare multiple Medicare Advantage plans, side by side.
