2023 Medicare Changes

Each year we see changes in Medicare. It can be confusing to keep up with and to figure out what changes are going to matter to you. As changes happen, I am always here for you as your agent to help educate, understand, and guide you on your Medicare journey.

Medicare Part A (Hospital) costs are going up.

Medicare Part B (Medical) are going down.

All costs in Part A (your deductible, coinsurance, and premiums) are rising for 2023, but only by about 3%. On the other hand, Part B costs are very slightly decreasing – the annual deductible and monthly rate are going down by about $7 and $5.20 respectively.

There’s a new Part B plan for those who had a kidney transplant.

In 2023, a new benefit is available to extend coverage for immunosuppressive drugs from the current 36-month limit. These drugs help ensure that the body doesn’t reject the new kidney.

Part C costs are slightly decreasing.

Those enrolled in Part C (Medicare Advantage) can expect to pay $1 less each month than they did in 2022. Medicare Advantage plans can be a cost-effective alternative to traditional Medicare, especially if you need access to services like fitness programs or vision and hearing benefits that many Medicare Advantage plans cover.

Part D costs are changing.

The average monthly rate is decreasing by less than a dollar, but the deductible and catastrophic coverage phase threshold are both increasing by 5%. This is a $25 increase for the deductible and a $350 increase for the catastrophic threshold.

Capped insulin costs and free vaccines.

If you have drug coverage with Part C or a Part D plan, your insulin costs will be capped at $35 a month. In addition, vaccines recommended by the Advisory Committee on Immunization Practices (ACIP), including shingles, are free of charge as of January 2023. For those on Original Medicare, you will receive the same insulin cost cap starting on July 1.

If you would like to discuss your current plan specifically or have any questions about the changes you can expect to see this year, I am here for you! If you're local to Tennessee, North Carolina, South Carolina, or Virginia and you need assistance with your Medicare, Marketplace, or just have questions in general, reach out today!