Medicare lowering Part B premium

Annual Part B deductible also being reduced in 2023, CMS says

By Michael Pramik, Ohio Public Employees Retirement System

Oct. 6, 2022 – Medicare Part B premiums and deductibles will decline in 2023, the Centers for Medicare & Medicaid Services said. It’s the first decrease in the Part B premium in more than a decade and comes a year after the monthly premium increased by more than $21.

CMS said the standard monthly premium for Part B will be $164.90 for next year, down $5.20 from this year. Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment and some other medical and health services not covered by Medicare Part A.

The annual deductible for Medicare Part B beneficiaries will be $226, a decrease of $7 from this year’s deductible.

CMS explained that it was able to lower Part B costs for 2023 because of lower-than-projected spending on the Alzheimer’s disease drug Aduhelm, as well as savings on other Part B items and services.

Meanwhile, the Medicare Part A deductible charged per hospital stay is increasing next year by $44 to $1,600. Part A covers inpatient hospital and other services.

For more information, refer to this CMS news release, which includes information on Medicare Part B income-related monthly adjustment amounts.

Michael Pramik

Michael Pramik is communication strategist for the Ohio Public Employees Retirement System and editor of the PERSpective blog. As an experienced business journalist, he clarifies complex pension policies and helps members make smart choices to secure their retirement.

Michael Pramik

Communication Strategist

5 thoughts on “Medicare lowering Part B premium

  • October 14, 2022 at 3:10 pm

    Many Medicare Advantage Plans will have $0 Part B monthly premiums, no deductibles, $0 copay for primary care physician visits, extras like preventative dental twice a year, a $500.00 flex card good for hearing aids, eyeglasses, contact lens, dental procedures; a $50 per month allowance for utilities such as water, sewage, heat, telephone, groceries.
    The VIA Benefits program will provide at no extra charge licensed advisors to help you find the “Right” plan.

    • October 20, 2022 at 7:58 am

      This is a quote from Richard Haby’s post: “Many Medicare Advantage Plans will have $0 Part B monthly premiums…” ??? Mr. Haby, or anyone else that cares to respond—-please indicate what Medicare Advantage Plan has a $0 Part B premium?? I’ve never heard of such a thing outside of MEDICAID coverage? While I don’t have an Advantage plan, my part B premium is currently $170.10/monthly.

      • October 23, 2022 at 7:26 am

        Joe M
        Most everyone on Medicare will pay the $170.10 directly to Medicare. Medicare then pays the Advantage plan around $350 to administer your chosen plan. All of the private Advantage plans compete with one another. Since they have extra money to compete with, they share some of it with the customer in the form of extra benefits as previously mentioned. Some of the Advantage plans like Anthem charge $0 premium so your total insurance cost is just the $170.10, and you get all other benefits as a bonus.

        • October 28, 2022 at 5:44 pm

          per Mr. Haby: “…so your total insurance cost is just the $170.10…” Which is the Medicare Part-B premium which everyone has to pay, unless you qualify for “extra help” or are on Medicaid. Also keep in mind that Advantage plans typically have fairly high “out of pocket” limits ranging from $3400 to over $11,000!!! In contrast, Medigap plans typically have NO Part-A coinsurance costs. And don’t forget about the Part-B DEDUCTIBLE as well, unless you have purchased a Medigap Plan-C or F prior to Jan 1, 2020. If you are new to Medicare, you WILL have to pay the Part-B deductible, as Medigap Plan-C and F are no available to you. However, Plan-C and F subscribers that enrolled prior to Jan 1, 2020 are “grandfathered”. By the way, the current Part-B deductible is $233! Lots to think about regarding whether to choose an Advantage plan OR a Medigap plan, don’t you think??

      • October 24, 2022 at 9:46 am

        Does Mr. Haby have a vested interest in promoting Medicare Advantage over Medigap because he provides no details on which specific plans he’s talking about? Is he working for them?

        Additionally, he claims they offer “a $50 per month allowance for utilities such as water, sewage, heat, telephone, groceries.” Do these items have anything to do with your direct medical care?


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