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TRENDING STORIES

5 Genius Hacks Amazon Shoppers Must Know 4 Things You Must Do Before The Next
Recession


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10 MEDICARE CHANGES FOR 2023 YOU NEED TO KNOW

INVESTING  -  SAVING FOR RETIREMENT
Medicare beneficiaries can look forward to lower insulin costs, earlier start
dates for new enrollees, and more starting in 2023.
Last updated Jan. 19, 2023 | By Michelle Smith | Edited By Chris Kissell


We may receive compensation from the products and services mentioned in this
story, but the opinions are the author's own. Compensation may impact where
offers appear. We have not included all available products or offers. Learn more
about how we make money and our editorial policies.

Medicare helps millions of retired Americans stay healthy after they leave the
workforce. And every year, as technologies advance and health care demands
evolve, Medicare plans change to serve the retired population.

If you’re one of the nearly 64 million Americans who benefit from Medicare, keep
reading to learn all about the changes to your insurance coverage in 2023. Some
may even help keep your bank account balance a little higher.


1. REDUCED PREMIUMS

zimmytws/Adobe

If you’re enrolled in or plan to enroll in Medicare Advantage, Medicare Part B,
and/or Medicare Part D, you can look forward to reduced plan premiums starting
in 2023.

The average monthly Medicare Advantage premium will drop around 8%, bringing
down the cost from $19.52 to $18, according to the Centers for Medicare &
Medicaid Services.

The standard premium for Medicare Part B should drop more than $5, from $170.10
a month to $164.90 per month. And the average premium for a standard Medicare
Part D plan will drop 1.8%, from $32.08 a month to $31.50 a month.


2. A LOWER DEDUCTIBLE FOR MEDICARE PART B

rh2010/Adobe

The deductible for Medicare Part B is set to decrease by $7 a month, to $226
annually. Hopefully, that will make it easier for retirees to hit their
deductibles and pay less for medical care out of pocket.


3. A $35 CAP ON MONTHLY INSULIN EXPENSES

Sherry Young/Adobe

In 2022, a person on Medicare who needs insulin injections has copays of between
$10 and $1,300 per month.

Starting next year, insulin expenses will be capped: You won’t pay more than $35
out of pocket for a month’s worth of insulin supplies.

That cap doesn’t change even if you haven’t met your deductible — as long as you
were prescribed insulin and have a Medicare plan with prescription drug
coverage, $35 is the maximum you’ll pay. That should help to keep you out of
debt.


4. CHANGES TO INCOME-RELATED PREMIUM ADJUSTMENTS FOR MEDICARE PART B

Vitalii Vodolazskyi/Adobe

Your premium for Medicare Part B depends in part on your income level. 

While most Americans pay a standard monthly premium (the new rate of $164.90),
around 7% of all Medicare Part B beneficiaries have higher income levels that
require them to pay higher Medicare Part B premiums.

For 2022, individuals who made more than $91,000 a year (or couples who made
more than $182,000 jointly) were considered high earners who paid a higher
Medicare Part B premium.

However, for 2023, the income requirement for a premium adjustment has been
raised to more than $97,000 for an individual or more than $194,000 for a
couple.


5. CHANGES TO INPATIENT HOSPITAL DEDUCTIBLES AND COINSURANCE AMOUNTS WITH
MEDICARE PART A

Rawpixel.com/Adobe

Medicare Part A plans help cover expenses like inpatient hospital stays and
rehab. In 2022, the deductible beneficiaries had to pay for hospital admission
was $1,556. That amount has increased by $44. So, in 2023, your inpatient
hospital deductible amount will be $1,600.

Coinsurance payments for hospital stays have gone up too. While Medicare will
help cover the first 60 days of a long-term hospital stay, beneficiaries must
pay $400 a day through coinsurance from day 61 to 90. (In 2022, the daily
coinsurance amount was $389.)

The cost of coverage for so-called “lifetime reserve days” — which kick in after
you have exhausted the 90 days in a benefit period — rises to $800 a day, up
from $778 per day in 2022.


6. ADDITIONAL CIRCUMSTANCES QUALIFY YOUR FOR SPECIAL ENROLLMENT

contrastwerkstatt/Adobe

Typically, you can only enroll in or make changes to your Medicare plan during a
brief open enrollment period, which is Oct. 15 to Dec. 7. 

However, a few extenuating circumstances can create a special enrollment period
where you have 60 days before or after the qualifying event — like moving out of
your coverage zone — to change your plan.

For 2023, some additional circumstances may qualify you for a special enrollment
period, including incarceration, loss of Medicaid health care coverage, and
disasters or national emergencies that impact you.


7. $0 OUT-OF-POCKET LUNG CANCER SCREENINGS

Gorodenkoff/Adobe

Some individuals with Medicare now may qualify for free preventative lung cancer
screenings.

If you’re between 50 and 77 years old, smoked a pack a day (or more) for two
decades, currently smoke or quit no more than 15 years ago, and aren’t
experiencing typical lung cancer symptoms, your Medicare plan might cover a free
lung cancer screening.


8. MORE COVERAGE FOR POST-KIDNEY-TRANSPLANT IMMUNOSUPPRESSIVE DRUGS

candy1812/Adobe

This year, Medicare covered the immunosuppressive drugs you’re required to take
after a kidney transplant for a period of 36 months.

But next year, if you don’t have any other sources of health care coverage
beyond Medicare, Medicare will continue to cover your immunosuppressive drugs
beyond that 36-month limit. To get this coverage, you must be signed up for
Medicare Part B.


9. ADDITIONAL VACCINES WITH NO OUT-OF-POCKET COSTS

Anna Kosolapova/Adobe

Many vaccines are already free — meaning available without a required
out-of-pocket copay — for Medicare beneficiaries. These include flu shots,
pneumonia shots, and COVID-19 shots and boosters.

In 2023, a two-shot vaccine for shingles will also be covered with no
out-of-pocket costs.


10. CHANGES TO PRESCRIPTION DRUG COVERAGE THROUGH 2025

Eric Hood/Adobe

Along with the Medicare changes going into effect this year, several crucial
changes will be implemented in Medicare over the next two years. Most
importantly, starting in 2025, there will be a $2,000 cap on out-of-pocket costs
for prescription drugs.

Individuals with prescription drug coverage through Medicare will also be able
to pay for their prescriptions monthly instead of with an upfront lump sum.

Additionally, in 2024, Medicare beneficiaries who earn less than 150% of the
federal poverty level will receive extra aid to make prescription drugs more
affordable.


BOTTOM LINE

yavdat/Adobe

If you’re eligible for Medicare, you can review your current plan or sign up for
the first time between Oct. 15 and Dec. 7. Don’t wait until the last second to
secure your coverage: Make sure you can access Medicare benefits by completing
your open enrollment soon.

It is important to remember that Medicare will not cover 100% of your health
care costs in retirement. If you need extra cash to pay your medical bills,
consider exploring one of the great ways to earn extra cash.




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