2023 Medicare Rate Increases

Some Medicare costs typically increase every year. The 2023 Medicare rate increase for Medicare premiums, deductibles and more are outlined below according to the Centers for Medicare & Medicaid Services (CMS). 

2023 Medicare Premiums: Medicare Part A and Part B

Medicare Part A premiums will remain at $0 for most beneficiaries. That’s because most beneficiaries have paid Medicare taxes for at least 40 quarters (10 years), which qualifies them for premium-free Part A.

But for those who have not paid the required amount of Medicare taxes to qualify for premium-free Part A, Part A premiums will increase. Those who have paid Medicare taxes for 30 to 39 quarters may see their premium increase from $278 per month in 2023, and those who have paid fewer than 30 quarters worth of Medicare taxes will likely see a jump from $506 to a higher amount in 2023.

Medicare Part B premiums are also on the rise in 2023. The new standard monthly Part B premium in 2023 is estimated to be $164.90 per month. Higher income earners may pay more for their Part B premiums in 2023.

2023 Medicare Part B Deductible

Premiums aren’t the only Medicare costs that tend to increase each year. 

In 2023, the Medicare Part B deductible will be $226 per year. Medicare Part B requires you to meet your annual deductible before your Part B benefits kick in. 

Save Money on Out-of-Pocket Medicare Costs

Medicare Supplement (Medigap) plans can help pay for a number of out-of-pocket Medicare costs, such as certain deductibles, copays, coinsurance and more. A Medicare Supplement plan in 2023 could help pay for some of your Medicare costs in the new year, which is helpful when Medicare rates tend to increase each year.

To learn more and to compare plans available where you live, you can review plans online or call to speak with a licensed insurance agent.