Medicare Part B Premiums Will Fall in 2023

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million of Medicare Beneficiaries You’ll save more than $60 next year thanks to lower monthly premiums.

Medicare Part B premiums for outpatient care and physician exams will fall 3% for 2023, a change in trend after those premiums rose 14.5% the previous year. For most people MedicareThe premiums for the B segment will be $164.90 per month next year, which is $5.20 cheaper than the current cost.

“Years ago, those fees went up. Now, for the first time in more than a decade, they’re going to go down,” President Joe Biden said. during a speech About Medicare and Inflation this week. “And the [for] Millions of seniors and people with disabilities are on Medicare, and that means more money in their pockets while they still are get care They need.”

Why do insurance premiums go down? It’s about changing Medicare in a big way earlier in the year limited coverage From an expensive drug to treat Alzheimer’s disease, which is Aduhelm. The increase in insurance premiums in 2021 was driven by an anticipation of higher costs for the government’s program to cover the new drug.

Medicare Part B is the coverage of outpatient care in the state health insurance program for adults 65 years of age or older as well as some younger people with a disability or health conditions. For about 60 million people in Medicare, Part B covers physician visits, outpatient hospital services, and some home health services, among several other types of health care.

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Savings for Medicare Beneficiaries

Part B premiums are deducted from Social Security payments for most Medicare seniors. According to the latest estimates, Social Security checks are expected to increase by about 8.7% in 2023 due to cost-of-living adjustments to address inflation, which has been rising in recent months due to rising consumer demand, ramifications of government spending and global supply challenges. The reduction in Part B premiums will help make these checks a little bigger.

In addition to the decrease in monthly premiums, the annual deductible for Part B beneficiaries will decrease by $7 in 2023, the Centers for Medicare and Medicaid Services said in a press release on Wednesday. This means people will have to pay only $226 before the program begins. Medicare.

The AARPa nonprofit organization focused on Americans over 50, celebrated news of premium cuts and discounts.

“The announcement of reduced Part B premiums and discounts is welcome news for seniors who are struggling with rising costs due to inflationAARP Senior Advocacy and Engagement Officer Nancy Leah Mond said in a press release. “Reducing Medicare expenses, combined with an adjustment to Social Security’s projected cost of living, will provide much-needed financial relief to older Americans.”

The Medicare open enrollment period runs from October 15 to December 7.