If you are a Medicare beneficiary, you may have noticed that your Part B premium has decreased. Most people will recognize this cost decrease, going from $170.10 in 2022 to $164.90 in 2023.
What you might not have seen yet is that the Part B deductible also decreased. Unfortunately, the Part A deductible and some Part A co-insurance costs have been increased.
Here are the new premiums, deductibles, and co-insurance costs for 2023:
| Part A Inpatient Deductible | $1,600.00 |
| Inpatient Coinsurance Days 61-90 | $400.00 |
| Skilled Nursing Facility Days 21-100 | $200.00 |
| Part B Premium | $164.90 |
| Part B Deductible | $226.00 |
If you are charged an Income Related Monthly Adjustment Amount (IRMAA), then you will be charged more than $164.90. This is currently based on your Modified Adjusted Gross Income (MAGI) for the tax year 2021. See the breakout below to determine your new costs:
2023 Part B total premiums for higher income beneficiaries:
| If your yearly income in 2021 (for what you pay in 2023) was: | You Pay Each Month (In 2023) | ||
| File Individual Tax Return | File Join 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 and less than $500,000 | above $366,000 and less than $750,000 | above $97,000 and less than $403,000 | $527.50 |
| $500,000 or above | $750,000 and above | $403,000 and above | $560.50 |
2023 Part D Income-Related Monthly Adjustment Amount (IRMAA) in addition to the plan premium:
| If your yearly income in 2021: | You Pay Each Month (In 2023) | ||
| File Individual Tax Return | File Join Tax Return | File Married & Separate Tax Return | |
| $97,000 or less | $194,000 or less | $97,000 or less | your plan premium |
| above $97,000 up to $123,000 | above $194,000 up to $246,000 | Not Applicable | $12.20 + your plan premium |
| above $123,000 up to $153,000 | above $246,000 up to $306,000 | Not Applicable | $31.50 + your plan premium |
| above $153,000 up to $183,000 | above $306,000 up to $366,000 | Not Applicable | $50.70 + your plan premium |
| above $183,000 and less than $500,000 | above $366,000 and less than $750,000 | above $97,000 and less than $403,000 | $70.00 + your plan premium |
| $500,000 or above | $750,000 and above | $403,000 and above | $76.40 + your plan premium |
If you have any questions, call Hovis & Associates at (800) 411-0737 or check out our Medicare FAQs page. We make Medicare SIMPLE!
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