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Medicare Costs for 2023 were announced on 09/27/2022 by the Centers for Medicare & Medicaid Services.
| 2023 MEDICARE COSTS |
2022 AMOUNT | 2023 AMOUNT |
|---|---|---|
| Medicare Part B Premiums | $170.10 | $164.90 |
| Part A Deductible (Inpatient Hospital) | $1,556 | $1,600 |
| Part B Deductible (Physician’s Services) | $233 | $226 |
| Hospital Coinsurance Days 61-90 | $389 | $400 |
| Hospital Coinsurance Days 91-150 | $778 | $800 |
| Skilled Nursing Facility Coinsurance | $194.50 | $200 |
| High Deductible Plan F | $2,490 | TBD |
| Plan K Out of Pocket Maximum | $6,220 | TBD |
| Plan L Out of Pocket Maximum | $3,110 | TBD |
The base premium for 2023 Medicare Part B is $164.90. Part B pricing is based on your income from 2 years prior; therefore, your 2023 Medicare Part B costs are based on your 2021 income tax filings. The increased premium over the based amount is called IRMAA and stands for Income-Related Monthly Adjustment Amount. IRMAA is an additional amount that some people might have to pay along with their Medicare premium if their modified adjusted gross income (MAGI) is higher than a certain threshold. To avoid confusion, our chart below shows the entire premium you owe for your 2023 Medicare Part B Costs for each income bracket.
| If your yearly income in 2021 was |
In 2023 You Pay |
||
|---|---|---|---|
| File individual tax return | File joint tax return | File married & separate tax return | |
| $97,000 or less | $194,000 or less | $97,000 or less | $164.90 |
| above $97,000 up to $123,000 | above $194,000 up to $246,000 | Not applicable | $230.80 |
| above $123,000 up to $153,000 | above $246,000 up to $306,000 | Not applicable | $329.70 |
| above $153,000 up to $183,000 | above $306,000 up to $366,000 | Not applicable | $428.60 |
| above $183,000 up to $500,000 | above $366,000 up to $750,000 | above $97,000 up to $403,000 | $527.50 |
| above $500,000 | above $750,000 | above $403,000 | $560.50 |
2023 AMOUNT
| PART D COSTS |
|
|---|---|
| Initial Deductible | $505 |
| Initial Coverage Limit (ICL) | $4,660 |
| Out-of-Pocket Threshold (TrOOP) | $7,400 |
| Coverage Gap (Donut Hole) | Between $4,660 and $7,400 |
Your Part D insurance company sets base Part D premiums. The average premium for 2023 is $31.50.
The increased premium over the based amount is called IRMAA and stands for Income-Related Monthly Adjustment Amount. IRMAA is an additional amount that some people might have to pay along with their Medicare premium if their modified adjusted gross income (MAGI) is higher than a certain threshold.
The 2023 IRMAA premium below is what you will pay in addition to your Part D premium.
| If your yearly income in 2021 was |
In 2023 Your IRMAA is |
||
|---|---|---|---|
| File individual tax return | File joint tax return | File married & separate tax return | |
| $97,000 or less | $194,000 or less | $97,000 or less | $0 |
| above $97,000 up to $123,000 | above $194,000 up to $246,000 | Not applicable | $12.20 |
| above $123,000 up to $153,000 | above $246,000 up to $306,000 | Not applicable | $31.50 |
| above $153,000 up to $183,000 | above $306,000 up to $366,000 | Not applicable | $50.70 |
| above $183,000 up to $500,000 | above $366,000 up to $750,000 | above $97,000 up to $403,000 | $70.00 |
| above $500,000 | above $750,000 | above $403,000 | $76.40 |
The insurance companies dictate Medicare Advantage Plans and Medigap plan pricing. We go into this more in our Medicare Advantage vs. Medigap article.
