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CMS releases 2023 Medicare Part A and B values

CMS releases 2023 Medicare Part A and B values

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CMS has announced the 2023 Medicare Part A and B premium, deductible and coinsurance amounts. As in prior years, there are increases in the Part D amounts. However, the Part B premium and deductible will decrease. The 2023 Medicare Part D parameters were released earlier this year. (See our April 19, 2022 FYI.)

Download this FYI as a printable PDF.

Medicare Part A

On September 27, the Centers for Medicare & Medicaid Services (CMS) released the Medicare Part A premium and deductible and coinsurance amounts for 2023. It also provided a fact sheet with additional information.

Premiums

Almost all Medicare beneficiaries do not pay a Part A premium because they have at least 40 quarters of Medicare-covered employment. For those individuals who pay a premium, the Medicare Part A premiums for the 12-month period beginning on January 1, 2023 are as follows:

Premium type

2023

2022

Change

Premium to purchase coverage for individuals not otherwise eligible for Medicare Part A and certain disabled individuals

$506

$499

1.4%

Premium for certain individuals entitled to a reduced monthly premium (who had at least 30 quarters or were married to someone with at least 30 quarters of Medicare-covered employment)

$278

$274

1.5%

Deductible and coinsurance amounts

The Medicare Part A deductible and coinsurance amounts for the 12-month period beginning on January 1, 2023 are as follows:

Deductible and coinsurance type

2023

2022

Change

Deductible for up to 60 days of Medicare-covered inpatient hospital care

$1,600

$1,556

2.8%

Daily coinsurance for 61st through 90th day of hospitalization

$400

$389

2.8%

Daily coinsurance for lifetime reserve days

$800

$778

2.8%

Daily coinsurance for 21st through 100th day of extended care services in skilled nursing facility

$200

$194.50

2.8%

Medicare Part B

CMS also released a notice that sets out the Medicare Part B monthly premium rates and annual deductible amounts for 2023. Both the premium rates and deductible will decrease in 2023.

The standard monthly premiums for Medicare Part B for 2023 are as follows:

Premium type

2023

2022

Change

Standard monthly premium

$164.90

$170.10

-3.1%

Some Part B enrollees benefit from a “hold harmless” provision that protects them from any increase in Part B premiums (typically deducted from social security checks) that would effectively reduce their monthly social security payments.

The following individuals are not protected by the “hold harmless” provision:

  • New Medicare enrollees in 2023
  • Higher income Medicare beneficiaries
  • Medicare beneficiaries dually eligible for Medicare and Medicaid
  • Medicare Part B enrollees not receiving social security benefits

The 2023 Medicare Part B monthly premiums based on income tax filing status and income are as follows:

Individual filing status* Married filing jointly status 2023 monthly premium 2022 monthly premium Change
Income up to $97,000 Income up to $194,000 $164.90 $170.10 -3.1%
$97,001 – $123,000 $194,001 – $246,000 $230.80 $238.10 -3.1%
$123,001 – $153,000 $246,001 – $306,000 $329.70 $340.20 -3.1%
$153,001 – $183,000 $306,001 – $366,000 $428.60 $442.30 -3.1%
$183,001 – $499,999 $366,001 – $749,999 $527.50 $544.30 -3.1%
$500,000 or more $750,000 or more $560.50 $578.30 -3.1%

*Income ranges for 2022 and 2023 differ. Range for 2023 is shown above.

Married filing separately, lived with spouse during tax year* 2023 monthly premium 2022 monthly premium Change
Income up to $97,000 $164.90 $170.10 -3.1%
$97,001 – $402,999 $527.50 $544.30 -3.1%
$403,000 or more $560.50 $578.30 -3.1%

*Income ranges for 2022 and 2023 differ. Range for 2023 is shown above.

Finally, the Medicare Part B annual deductible for the 12-month period beginning on January 1, 2023 is as follows:

Deductible type 2023 2022 Change
Medicare Part B $226 $233 -3.0%

Volume 45 | Issue 28