Medicare's 2023 Premiums and Important Dates
The Centers for Medicare & Medicaid Services (CMS) have released the 2023 Medicare Part A and Part B premiums, deductibles, and coinsurance amounts.
Medicare Part A Premium and Deductible Changes
Medicare Part A covers inpatient hospital services, skilled nursing facility services, hospice services, inpatient rehabilitation services, and some home health care services.
The Medicare Part A inpatient hospital deductible that beneficiaries pay is $1,600, 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 daily coinsurance amount of $400 for days 61–90 of a hospitalization (vs. $389 in 2022) in a benefit period and $800 per day for lifetime reserve days (vs. $778 in 2022). For beneficiaries in skilled nursing facilities, the daily coinsurance for days 21–100 of extended care services in a benefit period is $200 (vs. $194.50 in 2022).1
Medicare Part B Premium and Deductible Changes
Medicare Part B covers physician services, outpatient hospital services, certain home health services, durable medical equipment, and other medical and health services not covered by Medicare Part A.
Medicare Part B premium, deductible, and coinsurance rates are determined annually. The standard monthly premium for Medicare Part B enrollees is 164.90, a decrease of $5.20 from last year. The annual deductible for all Medicare Part B beneficiaries $226, a decrease of $7 from $233 in 2022.1
Important Medicare Dates
There are two open enrollment periods that allow you to make changes to your Medicare Advantage plan for 2023.
From Oct. 15 to Dec. 7, 2022, you can change from:
- Original Medicare to Medicare Advantage.
- Medicare Advantage to Original Medicare.
You can also switch from one Medicare Advantage plan to another during this enrollment window.
If you’re in Original Medicare, you can join a Part D plan now, too. Or you can switch from one Part D plan to another.
From Jan. 1 to March 31, 2023, you can switch from:
- One Medicare Advantage plan to another.
- A Medicare Advantage plan back to Original Medicare.
One change you can’t make during this open enrollment period is to go from Original Medicare to Medicare Advantage coverage.
To learn more about how these changes could affect you, read about Medicare Parts A and B at CMS.gov.
This content is developed from sources believed to be providing accurate information, and provided by Lisa Claycomb. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.