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2023 Medicare Update


NEWS:
CMS promises enforcement action against deceptive TV commercials.  See here.

We sent an update e-mail to all of our clients.
In case you missed it,
PLEASE read that important client email here.

Please watch the following video carefully.
This information is for our client’s use and opinions expressed
are from an agent with 27 years of experience.
Reach us at 1-800-729-9590.

What you need to know for 2023, so far:

2023 Numbers

2023 Part B premium: $164.90 

2023 Part B deductible:  $226

Translation:  
Medicare Supplements are not changing at all for 2023. They never change benefits, ever.
The 2023 deductible from Medicare will impact those on Plan G and Plan N.
That deductible will now be $226, down from $233 in 2022.
After that deductible is met after January 1, 2023, the Supplement plans kick in for the rest of the year.

Medicare Advantage and Part D plans are changing. They change every single year.
It is vitally important to review those changes from your Annual Notice of Change.
You can shop and compare new plans here: www.StartPartD.com up to December 7th at midnight.
Your chosen plan will start on January 1, 2023.

If, this year, you are considering giving up your Medicare Supplement and calling one of those scammy television ads for “FREE” Medicare Plans, please know that we write those plans, too, and can help without the hype. 

There are very important considerations that the call centers will not tell you, though, about Medicare Advantage. Please review those here: www.AllAboutMedicareAdvantage.com 

 

IRMAA income limits before your Part B and Part D premiums are impacted: 

Medicare Part B Income-Related Monthly Adjustment Amounts

Since 2007, a beneficiary’s Part B monthly premium is based on his or her income. These income-related monthly adjustment amounts affect roughly 7 percent of people with Medicare Part B. The 2023 Part B total premiums for high-income beneficiaries with full Part B coverage are shown in the following table:

Full Part B Coverage

Beneficiaries who file individual tax returns with modified adjusted gross income:

Beneficiaries who file joint tax returns with modified adjusted gross income:

Income-Related Monthly Adjustment Amount

Total Monthly

 Premium Amount

Less than or equal to $97,000

Less than or equal to $194,000

$0.00

$164.90

Greater than $97,000 and less than or equal to $123,000

Greater than $194,000 and less than or equal to $246,000

$65.90

$230.80

Greater than $123,000 and less than or equal to $153,000

Greater than $246,000 and less than or equal to $306,000

$164.80

$329.70

Greater than $153,000 and less than or equal to $183,000

Greater than $306,000 and less than or equal to $366,000

$263.70

$428.60

Greater than $183,000 and less than $500,000

Greater than $366,000 and less than $750,000

$362.60

$527.50

Greater than or equal to $500,000

Greater than or equal to $750,000

$395.60

$560.50

 The 2023 Part B total premiums for high-income beneficiaries with immunosuppressive drug only Part B coverage are shown in the following table:

Part B Immunosuppressive Drug Coverage Only

Beneficiaries who file individual tax returns with modified adjusted gross income:

Beneficiaries who file joint tax returns with modified adjusted gross income:

Income-Related Monthly Adjustment Amount

Total Monthly

 Premium Amount

Less than or equal to $97,000

Less than or equal to $194,000

$0.00

$97.10

Greater than $97,000 and less than or equal to $123,000

Greater than $194,000 and less than or equal to $246,000

$64.70

$161.80

Greater than $123,000 and less than or equal to $153,000

Greater than $246,000 and less than or equal to $306,000

$161.80

$258.90

Greater than $153,000 and less than or equal to $183,000

Greater than $306,000 and less than or equal to $366,000

$258.90

$356.00

Greater than $183,000 and less than $500,000

Greater than $366,000 and less than $750,000

$356.00

$453.10

Greater than or equal to $500,000

Greater than or equal to $750,000

$388.40

$485.50

Premiums for high-income beneficiaries with full Part B coverage who are married and lived with their spouse at any time during the taxable year, but file a separate return, are as follows:

Full Part B Coverage

Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses, with modified adjusted gross income:

Income-Related Monthly Adjustment Amount

Total Monthly Premium Amount

Less than or equal to $97,000

$0.00

$164.90

Greater than $97,000 and less than $403,000

$362.60

$527.50

Greater than or equal to $403,000

$395.60

$560.50

Premiums for high-income beneficiaries with immunosuppressive drug only Part B coverage who are married and lived with their spouse at any time during the taxable year, but file a separate return, are as follows:

Part B Immunosuppressive Drug Coverage Only

Beneficiaries who are married and lived with their spouses at any time during the year, but who file separate tax returns from their spouses, with modified adjusted gross income:

Income-Related Monthly Adjustment Amount

Total Monthly Premium Amount

Less than or equal to $97,000

$0.00

$97.10

Greater than $97,000 and less than $403,000

$356.00

$453.10

Greater than or equal to $403,000

$388.40

$485.50

Medicare Part A Premium and Deductible

Medicare Part A covers inpatient hospital, skilled nursing facility, hospice, inpatient rehabilitation, and some home health care services. About 99 percent of Medicare beneficiaries do not have a Part A premium since they have at least 40 quarters of Medicare-covered employment.

The Medicare Part A inpatient hospital deductible that beneficiaries pay if admitted to the hospital will be $1,600 in 2023, an increase of $44 from $1,556 in 2022. The Part A inpatient hospital deductible covers beneficiaries’ share of costs for the first 60 days of Medicare-covered inpatient hospital care in a benefit period. In 2023, beneficiaries must pay a coinsurance amount of $400 per day for the 61st through 90th day of a hospitalization ($389 in 2022) in a benefit period and $800 per day for lifetime reserve days ($778 in 2022). For beneficiaries in skilled nursing facilities, the daily coinsurance for days 21 through 100 of extended care services in a benefit period will be $200.00 in 2023 ($194.50 in 2022).

Part A Deductible and Coinsurance Amounts for Calendar Years 2022 and 2023
by Type of Cost Sharing

 

2022

2023

Inpatient hospital deductible

$1,556

$1,600

Daily coinsurance for 61st-90th Day

$389

$400

Daily coinsurance for lifetime reserve days

$778

$800

Skilled Nursing Facility coinsurance

$194.50

$200.00

Enrollees age 65 and over who have fewer than 40 quarters of coverage and certain persons with disabilities pay a monthly premium in order to voluntarily enroll in Medicare Part A. Individuals who had at least 30 quarters of coverage or were married to someone with at least 30 quarters of coverage may buy into Part A at a reduced monthly premium rate, which will be $278 in 2023, a $4 increase from 2022. Certain uninsured aged individuals who have less than 30 quarters of coverage and certain individuals with disabilities who have exhausted other entitlement will pay the full premium, which will be $506 a month in 2023, a $7 increase from 2022. 

For more information on the 2023 Medicare Parts A and B premiums and deductibles Notices (CMS-8080-N, CMS-8081-N, CMS-8082-N), please visit https://www.federalregister.gov/public-inspection.

Medicare Part D Income-Related Monthly Adjustment Amounts

Since 2011, higher income beneficiaries’ Part D monthly premiums are based on income. These income-related monthly adjustment amounts affect roughly 8 percent of people with Medicare Part D. These individuals will pay the income-related monthly adjustment amount in addition to their Part D premium. Part D premiums vary from plan to plan and roughly two-thirds of beneficiaries pay premiums directly to the plan, while the remaining beneficiaries have their premiums deducted from their Social Security benefit checks. Regardless of how a beneficiary pays their Part D premium, the Part D income-related monthly adjustment amounts are deducted from Social Security benefit checks or paid directly to Medicare. The 2023 Part D income-related monthly adjustment amounts for high-income beneficiaries are shown in the following table:

Beneficiaries who file individual tax returns with modified adjusted gross income:

Beneficiaries who file joint tax returns with modified adjusted gross income:

Income-related monthly adjustment amount

Less than or equal to $97,000

Less than or equal to $194,000

$0.00

Greater than $97,000 and less than or equal to $123,000

Greater than $194,000 and less than or equal to $246,000

12.20

Greater than $123,000 and less than or equal to $153,000

Greater than $246,000 and less than or equal to $306,000

31.50

Greater than $153,000 and less than or equal to $183,000

Greater than $306,000 and less than or equal to $366,000

50.70

Greater than $183,000 and less than $500,000

Greater than $366,000 and less than $750,000

70.00

Greater than or equal to $500,000

Greater than or equal to $750,000

76.40

Premiums for high-income beneficiaries who are married and lived with their spouse at any time during the taxable year, but file a separate return, are as follows:

Beneficiaries who are married and lived with their spouses at any time during the year, but file separate tax returns from their spouses, with modified adjusted gross income:

Income-related monthly adjustment amount

Less than or equal to $97,000

$0.00

Greater than $97,000 and less than $403,000

70.00

Greater than or equal to $403,000

76.40

Source: https://www.cms.gov/newsroom/fact-sheets/2023-medicare-parts-b-premiums-and-deductibles-2023-medicare-part-d-income-related-monthly 

 


We recommend looking at 2023 drug plans here:
www.StartPartD.com
The process is very easy and we are here to help.
We can review Medicare Supplements any time of the year
 and there is no urgency to do so during the Annual (Part D) Enrollment Period.

Reach us: 1-800-729-9590
Please have patience during October – December. Every senior in America is calling us (it seems like!)

The contact form below is a secure, encrypted form.

Please remember that we will be calling from an 843 area code. Please look for this on your CALLER ID.

Also, our e-mail will come from @seniorsavingsnetwork.org

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