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Medicare Part B in 2023 - Daily Nonpareil
Medicare Part B, of course, is outpatient healthcare coverage for a majority of American seniors over the age of 65 and, like Social Security, each new year brings changes. Those yearly changes are usually in the form of increased costs to beneficiaries, but – surprise – for 2023 Medicare Part B costs are going down. The cost decrease won’t be major, but will be nonetheless helpful in these times of soaring inflation. As pointed out in this Daily Nonpareil article by Dan Caplinger, the standard Medicare Part B for 2023 will decrease from $170.10 per month to $164.90 per month. This is because Medicare’s estimated 2022 costs, on which the 2022 Part B premium was based, turned out to considerably less than anticipated, thus yielding a premium “rebate” of sorts in 2023. Further good news for higher income beneficiaries is that the income thresholds for IRMAA (income-related monthly adjustment amount) will be higher in 2023, and the supplement to the Part B premium will also be less than in 2022. Good news, indeed! Click here to read the article appearing at the Daily Nonpareil.
Albeit small, I’m pleased to read that Part B premiums are expected to decline in 2023. One thing readers need to keep in mind, however, retirees are “obligated” to purchase Part B insurance at 65, else pay a sizable penalty. This insurance is, for the most part, mandatory even though FRA could be two years later. Translation: one will need to cover that cost from current income versus offsetting against your SS income. In other words, expect to pay up to $3957.60 ($164.90*24 months) for Part B coverage should your FRA is 67 years.